Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM)
, today announced that it has completed its acquisition of
Hudson Holding Corporation (OTCBB: HDHL)
. The merger furthers Rodman’s mission of building a full service investment bank for growth companies with expanded sales, trading and research capabilities.
"I am pleased to announce the completion of our acquisition of Hudson," said Edward Rubin, Rodman’s CEO. "The close of this acquisition brings substantial diversification to Rodman's business platform through Hudson's sales and trading and represents a very significant milestone in the building of our franchise."
"Over the past three months, professionals from both entities have been working diligently to prepare for the integration of our two firms under the Rodman brand. We expect to synergistically add Hudson’s established and broad-based sales and trading onto our platform right away and immediately expand Rodman’s research capabilities, expanding coverage to key sectors, including, transportation, gaming, leisure, wireless technology and industrials. Our clients are already seeing the benefits of how this acquisition can enhance the services we provide, and under our integration plan we believe that we will begin to realize the synergies and costs savings of the combined platform over the coming quarters."
Today’s announcement follows Hudson stockholder approval of the transaction at the Special Meeting of Stockholders held earlier today and receipt of all required regulatory approvals. Each Hudson stockholder will receive approximately 0.0332 shares of Rodman common stock for each common share of Hudson held.
The combined company will continue to operate under the Rodman name and trade on the NASDAQ GM under the symbol “RODM.” As of market close today, Hudson’s common shares ceased trading on the OTCBB. Rodman will remain headquartered in New York City with offices in Jersey City, Tinton Falls, Houston, Norwalk, Boston, Boca Raton, Cleveland, Chicago and Los Angeles.
About Rodman & Renshaw Capital Group, Inc
Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw, LLC and Hudson Securities, Inc.