Eton Pharmaceuticals (NASDAQ:ETON)-6% announces public offering to sell common shares.
Closing date is October 14, 2020.
Net proceeds will be used primarily for general corporate purposes, which may include research and development activities, capital expenditures, selling, general and administrative costs, and to meet working capital needs.
Price, volume and terms have yet to be determined.
The sale of Allworth Financial is heating up with a winning bidder expected soon, according to four banking and private-equity executives.
The auction has narrowed to three private equity firms; final bids were due last week, Oct. 6, two of the sources said.
(ticker: RJF) and
(MC) are advising on the process, people said.
Allworth, which is owned by Parthenon Capital, is expected to sell for roughly $750 million to $800 million, one of the people said.
Allworth is an RIA aggregator that buys up smaller wealth managers. The Sacramento firm scooped up Capstone Capital in May, Houston Asset Management in April and, in October, it bought Retirement Advisors of America. Allworth, in May, had roughly $8 billion of assets under management, according to a statement.
Parthenon invested in Allworth in 2017 when the firm was known as Hanson McClain Advisors. Parthenon, of Boston and San Francisco, invests in financial services, health care services and business services. The private-equity firm is investing out its sixth flagship fund which raised $2 billion in December.
The Allworth sale is the latest in the wealth and asset management space. Last week,
Morgan Stanley (MS)
shocked many when it agreed to buy asset manager Eaton Vance (EV) for $7 billion. The sale is expected to set off more consolidation. “If
is selling— they’re considered one of the strong companies—then that tells you the mediocre and bad companies are selling,” one banker said.
Private-equity firms have been frequent investors of wealth managers. Hellman & Friedman owns Edelman Financial Engines, while TA Associates acquired Wealth Enhancement Group from Lightyear Capital in 2019. (TA and Genstar Capital own Orion Advisor Solutions.) GTCR bought a minority stake of CapTrust in June. Genstar and Lovell Minnick Partners sold a minority
OAKLAND, Calif. — California has launched the nation’s first mandate on reopening that requires local officials to control the coronavirus in their most impoverished communities before easing business restrictions across their entire county.
The approach is aimed at tackling a persistent inequity in California, where low-income people of color have disproportionately struggled to avoid contracting the disease.
“If you believe in growth and you don’t believe in inclusion, then we’re going to leave a lot of people behind,” Gov. Gavin Newsom said this week. “And one of the things we value as a state is inclusion, and we believe that we’re all better off when we’re all better off.”
The Covid-19 pandemic has laid stark the health disparities that have long existed, with poor, Black, Latino, Pacific Islander and Native communities being hardest hit by the pandemic. Latinos, for example, make up about 40 percent of the state’s population, but account for more than 60 percent of coronavirus cases and half the deaths.
California’s “equity metric” attempts to tackle that disparity by requiring that the 35 largest counties invest more in testing and ensure that positive rates of infection in the most disadvantaged neighborhoods come close to meeting the county’s overall positivity rate. The rule ensures that restaurants in Beverly Hills can’t resume indoor dining unless the most impoverished census tracts also show low rates of infection.
The change adds a third metric to the state’s newest reopening structure, which Newsom unveiled in late August and billed as an improvement to the previous approach that has been blamed for the state’s summer infection surge. Before now, the new structure has relied only on a county’s overall positivity mark and the rate