Nuveen Investments Shareholders to Vote on Proposed Buyout

According to a definitive proxy statement filed with the SEC yesterday, Nuveen Investments shareholders will vote on September 18 to decide whether to accept the proposed buyout offer from Madison Dearborn Partners. On June 19, Nuveen and Madison Dearborn agreed to a deal worth $5.75 billion, or $65 per share.

The filing also stated that the closing of the merger is not conditioned on the receipt of the debt or equity financing, but it will not be completed until the debt marketing period has elapsed. The marketing period is a 25-day period that begins once all of the closing conditions have been met. The merger has already received antitrust approval from the FTC, but there are multiple lawsuits attempting to enjoin the proposed merger.

It appears that the merger will be completed in the fourth quarter as originally announced, though it is not likely to close before late October due to the debt marketing period described above.