Shares of asset manager Legg Mason Inc rose as much as 4 on Tuesday after it detailed charges tied to asset write-downs and offered to exchange notes, leading an analyst to speculate some sort of "corporate action" may be in the works.Legg Mason has been a focus of merger or sales talk as it struggles to find better cooperation among its disparate investment units. Reuters reported earlier this month that the company had been approached by some of its senior managers and private equity firms about plans to take it private, an option its board rejected at least until it finds a new chief executive.The company's shares were up 62 cents at $28.12. Earlier, they rose to $28.52, or 3.7 percentIn a securities filing on Tuesday, Legg Mason said it would take pretax charges of $734 million in the latest quarter, in line with its previous estimate, to account for factors including writing down asset values and uncertainly surrounding its stock price and the search for a new chief executive.
Legg Mason, Inc. (Legg Mason) is a global asset management company. Shares of LM traded higher by 2.29% or $0.63/share to $28.12. In the past year, the shares have traded as low as $22.36 and as high as $29.49. On average, 1531070 shares of LM exchange hands on a given day and today's volume is recorded at 2676991.
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