Peltz again... try this again...some of the text was cut off the first attempt
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Peltz Exits Legg, Leaves $500k on the Table
By Joe Morris, Beagan Wilcox VolzMay 27, 2020 Comments (2)
Nelson Peltz’s Trian Partners has liquidated its entire stake in Legg Mason, earning nearly $500,000 less than it would have if it suck around until the Franklin Templeton deal closed.
The sale of 2.46 million shares took place last week, a year to the day after Trian disclosed its stake in Legg Mason and a week after the Baltimore-based firm's shareholders voted to approve Franklin’s $4.5 billion acquisition, according to a regulatory filing.
Trian cashed out at a weighted average price of $49.80, representing a price range of $49.78 to $49.84, the filing shows. Franklin is due to pay $50 per share when the deal closes in September.
The sale proceeds amount to nearly $122.4 million, versus just under $122.9 million at the $50-per-share price.
Trian is pocketing a hefty profit by any measure. Legg Mason’s shares traded at $34.66 when Trian disclosed the stake a year ago. Last week’s sale netted the activist fund more than $37 million.
Trian exited Legg Mason in order to deploy cash elsewhere, according to a spokeswoman for the firm.
“Trian monetized its entire stake in Legg Mason to provide for new positions,” Trian's spokeswoman says.
Peltz and his Trian co-founder, Ed Garden, will continue to serve on Legg Mason’s board until the Franklin deal closes, the spokeswoman adds.
Legg Mason officials declined to comment.