Gotta Handler it to them

12 November 2012 By Antony Currie Follow @AntonyMCurrie

The Wall Street firm’s $3.8 bln merger with Leucadia combines a Wall Street securities firm with … wait for it … a beef processor and Hard Rock Hotel and casino operator. Loony as it sounds, the deal allows Leucadia to utilize a valuable tax asset and solve a succession problem.

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Leucadia is buying Jefferies for $3.78 billion in an all-stock transaction, based on the two companies’ closing prices on Friday. Leucadia already owns 28 percent of the Wall Street firm. The price represents a 19 percent premium to Friday’s closing price. Jefferies investors are to receive 0.81 of a Leucadia share for each Jefferies share.
Jefferies Chief Executive Richard Handler will become CEO of the combined group. Brian Friedman, currently chairman of the executive committee, will become president of the combined firm. Both will join the board of directors and retain their current roles at Jefferies. Ian Cumming, Leucadia’s current CEO and chairman, will stay as chairman.

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