Kennedy Cabot Acquisition has agreed to acquire 90% of the outstanding common stock of Siebert Financial from the Estate of Muriel Siebert for $12.65m or nearly $0.66 per share.
Siebert Financial is the parent firm of Muriel Siebert & Co, the broker-dealer founded in 1967. The firm conducts its retail discount brokerage business through Muriel Siebert.
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In 2014, Siebert Financial started business as a registered investment advisor through a wholly-owned subsidiary Siebert Investment Advisors.
Based in New York City, Siebert Financial has additional retail branches in Boca Raton, Florida and Beverly Hills in California.
Under the deal, Kennedy will make an offer for the outstanding common stock of Siebert Financial not owned by the Estate. Holders of Siebert Financial shares may accept the offer and sell their shares or not tender their shares and remain shareholders of Siebert Financial.
The two entities in a joint statement said that the deal does not provide for the merger of Siebert Financial with or into Kennedy Cabot Acquisition.
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By GlobalDataSubject to approval by the Financial Industry Regulatory Authority (FINRA), the deal is expected to close in the fourth quarter of 2016.
Siebert Financial chairwoman Jane Macon said: “We look forward to a smooth transition and are pleased that the enduring vision and legacy established by Mickie Siebert nearly fifty years ago will continue into the future.”
Kennedy Cabot Acquisition owner and managing member Gloria Gebbia said: “The team being assembled at Kennedy Cabot Acquisition has many years of experience in the brokerage industry including successfully acquiring and growing broker-dealers and bring a strong and experienced management team to Siebert Financial Corp.”
