The offer is a 51.2% premium over the stock's three-month volume-weighted average price when excluding dividends.
A Special Committee of Independent Directors of Fortress Investment Group LLC's Board of Directors and the company's full Board of Directors have given unanimous approval to for the deal.
The deal also still allows FIG shareholders to claim the 9-cent dividend for the fourth quarter of 2016. These investors will also get the dividend for the first quarter of 2017, if the deal doesn't close before then.
The deal between Fortress Investment Group LLC and SoftBank Group Corp will have it retaining its senior investment professionals. Pete Briger, Wes Edens and Randy Nardone will also continue to lead the company. The three have also agreed to invest half of their after-tax proceeds from the transaction into funds and vehicles managed by the company.
Fortress Investment Group LLC is expecting the deal with SoftBank Group Corp to close during the second half of 2017. However, it will first need to complete customary closing conditions, as well as get approval from regulators and FIG shareholders.
Pete Briger, Wes Edens and Randy Nardone have agreed to vote in favor of the deal. These three control 34.99% of Fortress Investment Group LLC's voting stock.
FIG stock was up 28% as of noon Wednesday.
More From InvestorPlace
- 9 Best Cheap Stocks to Buy Now Under $9.99
- 5 Stocks to Buy to Defy a Weak February
- The Top 10 Dow Dividend Stocks for February
The post Fortress Investment Group LLC (FIG) Stock Flies on SoftBank Deal appeared first on InvestorPlace .