Punk Ziegel Now Under Ladenburg Thalmann (LTS)
Ladenburg Thalmann Financial Services Inc. (AMEX: LTS) has announced the completion of the acquisition of Punk, Ziegel & Company, L.P as previously announced in March for an undisclosed amount, pending approval by FINRA.
Punk, Ziegel & Company is a specialty investment bank based in New York City that provides research, equity market making, corporate finance, retail brokerage, and asset management services within the industries of healthcare, technology, biotechnology, life sciences and financial services. Specifically, it will merge into Ladenburg’s principal operating subsidiaries; Ladenburg Thalmann & Co. Inc.
As previously announced, William J. Punk, Jr. will fill the Managing Director for Ladenburg Thalmann & Co. and as Chairman for the Punk Ziegel Healthcare division which will be in charge of growing the healthcare business for the investment banking and research divisions.
Ladenburg shares are down marginally, over 1%, in early morning trading to $1.87. The 52-week range is $1.49 to $2.76 and the market cap sits at about $302.45 million.
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Jon C. Ogg
May 5, 2008