Calamost Investments, Nasdaq: CLMS
Calamos Asset Management, Inc. (NASDAQ: CLMS) announced today that it has reached an agreement in principle to be acquired by an entity formed by Mr. John Calamos and Mr. John Koudounis. Mr. Calamos is the founder of Calamos Investments LLC, the operating company of CAM, and CAM’s Chairman.
Shares of CLMS climbed on the news on heavy volume. CLMS reached a high of $8.40 before settling back to $8.32 in mid-morning trading. CLMS had closed at $7.36 on Friday.
Commenting on the proposed acquisition, Mr. Calamos said: “As investors at Calamos, we have always taken the long view. I believe a fully private ownership structure will enable John Koudounis to focus on managing our business to his vision for our firm’s long-term growth.”
Mr. Koudounis added: “Upon arriving at Calamos, I directed an extensive analysis of our corporate structure. Being a fully private company—consistent with 95% of asset managers today—will allow us to manage the business with the same long-term view that we apply to our investment approach. By eliminating the distraction of the market’s increased focus on short-term metrics, we can be singularly dedicated to improving our key performance areas.”
As of September 30, 2016, CAM owned 22.2% of Calamos Investments, with the remaining 77.8% being privately owned by Calamos Partners LLC. Mr. Calamos, other Calamos family members and Mr. Koudounis, directly and indirectly own 100% of Calamos Partners. Calamos Partners also owns all of CAM’s outstanding Class B common stock, which represents 97.4% of the combined voting power of all classes of CAM’s voting stock.
Two analysts cover Calamos Investments. One rates it a “Buy”, while the other rates it an “Underperform”. CLMS trade over $16 in 2009 before pulling back and twice have traded in the $12 handle over the past few years.
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|Last Price a/o 11:48 AM EST||$ 8.32|
|Market Cap||$142.5 million|
|Shares Outstanding||19.36 million|
|Share Float||19.36 million|
|Short Interest Ratio||5.61|