Earlier this week it was announced by HBRFW that they have entered into a binding agreement with AMG. This agreement states that AMG would issue an aggregate of up to 1,748,879 shares of AMG common stock in exchange for all of the outstanding equity of Highbury.
Richard S. Foote, Highbury's President and Chief Executive Officer, stated, "We evaluated a number of strategic alternatives to maximize the value of Highbury for our stockholders, and we believe the transaction with AMG best provides Highbury stockholders with current value and the ability to continue to participate in the asset management industry through the ownership of AMG stock."
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Highbury is an investment management holding company providing permanent capital solutions to mid-sized investment management firms. Historically, we have pursued acquisition opportunities and sought to establish accretive partnerships with high quality investment management firms, although currently we are evaluating strategic alternatives for Highbury. Highbury's strategy is to provide permanent equity capital to fund buyouts from corporate parents, buyouts of founding or departing partners, growth initiatives, or exit strategies for private equity funds. This strategy includes leaving material equity interests with management teams to align the interests of management and Highbury's shareholders and, in general, does not include integrating future acquisitions, although Highbury may execute add-on acquisitions for its current or future affiliates. We seek to augment and diversify our sources of revenue by asset class, investment style, distribution channel, client type and management team. While we evaluate strategic alternatives, we will not pursue acquisition opportunities other than add-on acquisitions for our wholly owned subsidiary, Aston Asset Management LLC.
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