Report: Legg Mason eyeing private sector move
Baltimore-based Legg Mason is weighing a privatization move that could include one or two private-equity investors, with Kohlberg Kravis Roberts & Co. being one of the interested parties, the New York Post reported.
Publicly traded money manager Legg Mason Inc. is considering taking itself private, the New York Post reported today, citing people familiar with the matter.
Baltimore-based Legg Mason is weighing a privatization move that could include one or two private-equity investors, with New York-based Kohlberg Kravis Roberts & Co. LP being one of the interested parties, the Post story said.
Even though there is interest in going private, Legg Mason may wait until the turmoil on Wall Street settles down before making any decision, according to the Post.
A Legg Mason spokeswoman issued a statement denying that the company has any interest in going private.
Kohlberg Kravis Roberts had no comment on the report.
On Friday, Legg Mason pumped in $630 million into three money market funds in response to exposure to troubled asset-backed commercial-paper securities (InvestmentNews, Sept. 19).
Legg Mason, which had $922.8 billion in assets under management June 30, saw its second quarter earnings fall $31.3 million, or 22 cents a share, (InvestmentNews, July 25).
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