Legg Mason Inc (NYSE:LM) shares are booming on reports of a company putting in a bid to buy it.
The asset management company is the subject of a takeover offer from an undisclosed party. It is unclear when the bid was made or how much it costs, but we do know that Legg Mason has $710 billion under management.
Earlier this week, the company unveiled a new Head of Marketing in Felicity Nicholson. The role applies to the company’s operations in Australia and New Zealand, and she will be reporting to Andy Sowerby.
Legg Mason also released its quarterly report early in February, revealing a strong earnings period of 50 cents per share, which came in well ahead of the $1.31 per share the company lost in the same period of 2016.
However, the figure still came in below the 64 cents per share that Wall Street expected. Chairman and CEO Joseph A. Sullivan noted that it was a challenging period, but the company managed to still impress with its results over the three months.
Operating expenses for Legg Mason saw a decline over the period of 33% to $604.1 million. In the same period the previous year, the company managed to spend $900.2 million.
The company also added Tianqiao Chen and Robert Chiu to its board of directors, who are Shanda’s CEO and President. They will help Legg Mason with its Asia operations.
LM stock surged 2.3% Tuesday afternoon.