Read this press release: https://www.leggmason.com/en-us/about/newsroom/franklin-templeton-to-acquire-legg-mason.html
Franklin Templeton to Acquire Legg MasonSan Mateo, CA, February 18, 2020 – Franklin Resources, Inc. (the “Company”) [NYSE:BEN], a global investment management organization operating as Franklin Templeton, today announced that it has entered into a definitive agreement to acquire Legg Mason, Inc. [NYSE:LM] for $50.00 per share of common stock in an all-cash transaction. The Company will also assume approximately $2 billion of …www.leggmason.com
For those who don’t know, the Carey Business School is based in the Legg Mason Building in Baltimore.
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Note all the key words they use for the strategic rationale: “unlocks substantial value and growth opportunities;” “differentiated capabilities with modest overlap;” “balance across investment strategies, distribution channels, and geographies;” “shared vision;” “scale;” “$200 million in annual cost savings….majority…expected to be realized within one year.” There is much more.
ASSIGNMENT: What would you estimate to be the Value per Share (per Legg Mason share) of the Legg Mason cost savings mentioned in the release?