Finance
B. Riley Founder Informally Offers to Buy Embattled Company
- Non-binding bid comes after plunge tied to losses, SEC probe
- Riley plans to pay with debt and perhaps third-party equity
Photographer: Jon Kopaloff/Getty Images
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Bryant Riley, the co-founder and largest shareholder of B. Riley Financial Inc., informally offered to buy the shares of the embattled investment firm he doesn’t already own.
Riley is willing to buy the stock at $7 a share, according to a regulatory filing Friday. While that represents an almost 40% premium to Thursday’s closing price, it’s far from the roughly $50 that the Los Angeles-based brokerage and investment firm was trading at a year ago.