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Sunday, December 30, 2012

Private equity firms to purchase Duff & Phelps for $665 mln, (NYSE: DUF)

A group of private equity firms, including the Carlyle Group, struck a deal on Sunday to purchase financial advisory and investment banking firm Duff & Phelps Corp for about $665.5 million. Duff & Phelps said the firms will pay $15.55 a share to stockholders. The other buyers in the consortium are Stone Point Capital, Pictet & Cie and Edmond de Rothschild Group.The deal allows Duff & Phelps Corp. a "go-shop" period starting immediately and ending on Feb. 8, 2013, during which it will seek higher offers from other potential buyers.The agreement includes a break-up fee of $6.65 million from Duff & Phelps if the company abandons the deal for a higher offer before March 8, 2013.Duff and Phelps Corp. advises clients on areas such as valuation, transactions, financial restructuring, alternative assets, disputes and taxation. It employs more than 1,000 people and has offices in North America, Europe, and Asia.

Duff & Phelps Corporation (Duff & Phelps) is a provider of independent financial advisory and investment banking services. Shares of DUF traded higher by 1.87% or $0.24/share to $13.05. In the past year, the shares have traded as low as $11.36 and as high as $16.50. On average, 139389 shares of DUF exchange hands on a given day and today's volume is recorded at 165502.