Duff & Phelps Agrees to Be Taken Private

NEW YORK ( TheStreet) -- Duff & Phelps ( DUF) said Sunday it had agreed to be purchased for $665.5 million in cash by a group of private equity investors.

The purchasing consortium consists of The Carlyle Group, Stone Point Capital LLC, Pictet & Cie and Edmond de Rothschild Group.

The group will pay $15.55 a share, a 19% premium to the $13.05 closing level of Duff & Phelps' shares on Friday.

In a news release, Duff & Phelps said the deal was expected to close in the first half of 2013.

Noah Gottdiener, chief executive officer of Duff & Phelps, said the transaction was in the best interest of shareholders, who receive "an immediate and certain cash premium for their shares." Gottdiener also said the deal would be structured to "preserve the firm's independence."

New York-based Duff & Phelps provides financial advisory and investment banking services.

The deal provides for a "go-shop" period -- ending Feb. 8 -- during which Duff & Phelps can seek superior offers from other potential suitors. There is a $6.65 million breakup fee if Duff & Phelps cancels the deal because of a superior proposal made during the "go-shop" period.

This article was written by a staff member of TheStreet.

More from Stocks

5 Things Investors Should Read Before Coming Earnings Season Blowout

5 Things Investors Should Read Before Coming Earnings Season Blowout

In Trump Era, Managing JPMorgan Is As Unpredictable As a Midnight Tweet

In Trump Era, Managing JPMorgan Is As Unpredictable As a Midnight Tweet

Video: Don't Underestimate China's Strength in a Trade War

Video: Don't Underestimate China's Strength in a Trade War

Tesla: What Are Wall Street's Best Analysts Saying Now?

Tesla: What Are Wall Street's Best Analysts Saying Now?

Master Limited Partnerships: A Badly Missed Investment Opportunity?

Master Limited Partnerships: A Badly Missed Investment Opportunity?