UPDATE 1-Marcato Capital urges Virtus to use cash to buy RidgeWorth [Reuters]
Morgan Stanley (MS)
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Source: Reuters
UPDATE 1-Marcato Capital urges Virtus to use cash to buy RidgeWorth (Adds information from Marcato presentation) By Michael Flaherty NEW YORK Jan 24 Activist hedge fund MarcatoCapital Management LP said on Tuesday that Virtus InvestmentPartners Inc should fund its $513 million purchase ofRidgeWorth Investment with cash to maximize returns. The deal could add more than 50 percent to Virtus' earnings,significantly more than the fund manager's expectation of morethan 15 percent, if cash at hand was used to fund the deal,Marcato said. Virtus, an investment management company, said in Decemberthat it would buy investment manager RidgeWorth to widen itsclient base. Virtus said at the time that it expected to finance the dealusing existing balance sheet resources and a combination of debtand equity. But the Hartford, Connecticut-based firm has yet todisclose full details on how it pay for RidgeWorth. "As a significant Virtus shareholder, we are sensitive tothe company's limited disclosure o
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