Shares of the securities and investment banking firm Jefferies (JEF)rose more than 14% on Monday. Leucadia and Jefferies announced that both companies will merge their activities. Shares of Leucadia fell some 3.0% during the session.
The Deal
Leucadia National Corporation (LUK) and Jefferies Group announced before the market open that both companies will combine their activities. Leucadia already owns 28.6% of the shares outstanding in Jefferies Group. Under the terms of the deal, it offers 0.81 shares in Leucadia for every share of Jefferies which it does not currently own.
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