Legg Mason Pops 8% On Convert Repurchase From KKR
May 16, 2012 at 16:01 PM EDT
Shares of Legg Mason jumped after the money manager said it will repurchase $1.25 billion of convertible senior notes from private equity firm Kohlberg Kravis Roberts, perhaps signaling a floor in its stock price. Shares of Legg Mason (LM) rose about 8% to $24.09 on news of its new capital plan, which will cut expenses [...]