Leucadia National Corp. (LUK: Quote) and Jefferies Group, Inc. (JEF: Quote) announced that the stockholders from both companies overwhelmingly approved the merger between the two companies pursuant to which Jefferies' stockholders will receive 0.81 of a share of Leucadia common stock for each share of Jefferies common stock they held and that the merger will be consummated effective March 1, 2013.
In connection with the merger, Jefferies is also converting to a limited liability company, Jefferies Group LLC, which will be a subsidiary of Leucadia and will continue to be an SEC reporting company, regularly filing annual, quarterly, and periodic financial reports.
Richard Handler, in addition to continuing in his role as Chief Executive Officer and Chairman of Jefferies, will become the Chief Executive Officer of Leucadia and one of its Directors and Brian Friedman, in addition to continuing in his role as Chairman of the Executive Committee of Jefferies, will become Leucadia's President and one of its Directors, the company noted.
Ian Cumming will retire as Chairman of the Board and Chief Executive Officer of Leucadia but will continue in his role as a director of Leucadia.
by RTT Staff Writer
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