Wealth management company National Financial Partners said it agreed to be bought by private equity investment firm Madison Dearborn Partners LLC for about $1.3 billion, including convertible debt.Madison Dearborn will pay $25.35 for each National Financial share, a premium of about 8 percent to the stock's Friday close.Reuters first reported on March 12 that New York-based National Financial was exploring a possible sale of the company to private equity firms. Madison's offer price is a premium of 26 percent to trading levels on that day.National Financial, which is run by Jessica Bibliowicz, the daughter of former Citigroup chief Sandy Weill, faced difficulties during the downturn in 2008 and its stock hit a low of $1.21 that year.
National Financial Partners Corp. (NFP) and its benefits, insurance and wealth management businesses provide a range of advisory and brokerage services to the Company?s clients. Shares of NFP remained unchanged at $23.41. In the past year, the shares have traded as low as $12.54 and as high as $23.79. On average, 592533 shares of NFP exchange hands on a given day and today's volume is recorded at 896811.
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