LOS
ANGELES, Aug. 16, 2024 /PRNewswire/ -- B. Riley
Financial, Inc. (Nasdaq: RILY) (the "Company") announced that its
Board of Directors has received an unsolicited preliminary,
non-binding letter of proposal, dated August
16, 2024, from the Company's founder, chairman and co-CEO,
Bryant Riley, to acquire the
outstanding shares of the Company not currently owned by Mr. Riley,
in a transaction to take the Company private, at a proposed
purchase price of $7.00 per
share.
According to the proposal, Mr. Riley intends to finance the
transaction with debt and, potentially, equity from third party
capital providers. The proposed transaction would be subject to the
"majority of the minority" stockholder approval, and other
customary conditions. The proposed transaction would not be subject
to a financing condition.
The Company's Board of Directors expects to establish a Special
Committee consisting of independent directors with its own advisors
to carefully evaluate the proposal and determine the appropriate
course of action and process. There is no assurance that the
proposal will result in a transaction.
The Board cautions the Company's shareholders and others
considering trading the Company's securities that the Board has
just received the Proposal and has not had an opportunity to
carefully review or evaluate the Proposal and its terms, or make
any decision with respect to the Company's response to the
Proposal. There can be no assurance that any definitive offer will
be received, that any definitive agreement will be executed
relating to the Proposal or that this or any other transaction will
be approved or consummated. The Company does not undertake any
obligation to provide any updates with respect to this or any other
transaction, except as required under applicable law.
About B. Riley Financial
B. Riley Financial is a diversified financial services platform
that delivers tailored solutions to meet the strategic,
operational, and capital needs of its clients and partners. B.
Riley leverages cross-platform expertise to provide clients with
full service, collaborative solutions at every stage of the
business life cycle. Through its affiliated subsidiaries, B. Riley
provides end-to-end financial services across investment banking,
institutional brokerage, private wealth and investment management,
financial consulting, corporate restructuring, operations
management, risk and compliance, due diligence, forensic
accounting, litigation support, appraisal and valuation, auction,
and liquidation services. B. Riley opportunistically invests to
benefit its shareholders, and certain affiliates originate and
underwrite senior secured loans for asset-rich companies. B. Riley
refers to B. Riley Financial, Inc. and/or one or more of its
subsidiaries or affiliates. For more information, please visit
www.brileyfin.com.
Contacts
Investors
ir@brileyfin.com
Media
press@briley.com
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SOURCE B. Riley Financial
