(Bloomberg) — Franklin Resources Inc. agreed to acquire asset manager Legg Mason Inc. for almost $4.5 billion in a deal that would create an active-management investing giant.Franklin will pay all cash for Legg Mason, the companies said in a statement Tuesday. The transaction values Legg Mason at $50 per share, a 23% premium to the Baltimore-based company’s share price Friday.The transaction is another case of consolidation in the industry, as firms grapple with falling fees and the rising challenge from managers of index-tracking funds. In November, Charles Schwab Corp. agreed to buy TD Ameritrade Holding Corp. for about $26 billion; …read more
Source:: Yahoo Finance
