Jefferies Financial Group finalises acquisition of remaining 30% interest in HomeFed
Jefferies exchanged two shares of Jefferies common stock for each share of HomeFed’s common stock acquired by Jefferies.
Jefferies Financial Group Inc (NYSE:JEF), formerly known as Leucadia National Corporation, today announces that it has closed the purchase of the remaining 30% that it did not already own of the outstanding shares of common stock of HomeFed Corporation.
Jefferies exchanged two shares of Jefferies common stock for each share of HomeFed’s common stock acquired by Jefferies.
As FinanceFeeds reported, in May 2019, Jefferies’ Board and the Board of Directors of HomeFed approved an amendment to the previously announced merger agreement under which Jefferies will acquire the shares of HomeFed common stock that it does not already own. Under the terms of the amended merger agreement, Jefferies agreed to issue two shares of Jefferies common stock for each share of HomeFed common stock to be acquired by Jefferies and that there will not be a collar or a cash election option.
The previously announced merger agreement was amended following feedback received by Jefferies and the Special Committee from HomeFed stockholders unaffiliated with Jefferies following the April 15 announcement of the original merger agreement.
Jefferies’ CEO, Rich Handler, and President, Brian Friedman, today stated:
“We are pleased to have closed our acquisition of the balance of HomeFed common stock. As we have noted before, we believe this transaction makes good sense for Jefferies and HomeFed and will help us to maximize the value of HomeFed over time.”
