Old Mutual prices 17m share public offering at $14.55 each

OM Asset Management (OMAM) said it would place 17.3m ordinary shares at $14.55 each in a public offering.

The ordinary shares are being offered by Old Mutual PLC through its wholly owned subsidiary, OM Group Limited.

OMAM said the underwriters also have a 30-day option to purchase up to an additional 2.6m shares at the public offering price, less the underwriting discount. It added that it would not sell any shares in the offering nor receive any proceeds from the sale of the shares.

In addition, a previously announced private repurchase transaction, where OMAM expects to repurchase 5m ordinary shares directly from OM Group was also priced at $14.55 a share.

The proceeds to Old Mutual from the proposed offering and repurchase agreement are expected to be used for general corporate purposes, OMAM said. The offering closes on May 19.