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Friday, March 18, 2011

SWS Group rejects Sterne Agee's takeover offer, (NYSE: SWS)

SWS Group Inc (SWS.N), a tiny, publicly traded brokerage company, rejected a $200 million takeover offer from Sterne Agee & Leach, saying the deal was not in its shareholders' best interests. The unsolicited offer of $6.25 a share "substantially undervalues the future potential of SWS Group," the company said in a statement on Friday. In a letter to Sterne Agee Chief Executive James Holbrook, SWS Chairman Don Buchholz said the "highly conditional proposal" fails to address important regulatory requirements and financial commitments.