B. Riley co-founder offers to buy embattled bank in $212M deal as fed scrutiny mounts
RILYB. Riley Financial(RILY) New York Post·2024-08-17 01:16

B. Riley Financial’s co-founder and co-CEO, Bryant Riley, disclosed on Friday that he has proposed to buy the investment bank, in a dramatic end to a punishing week that wiped out nearly 360millioninmarketvalue.Thetake−privatebidcomesafter severalmonthsofturmoil stemmingfromthebank’sassociationwithVitaminShoppe−ownerFranchiseGroup,whichattractedscrutinyfrominvestorsandregulators.Riley,whoisalsothelargestshareholderwitha24360 million in market value.The take-private bid comes after several months of turmoil stemming from the bank’s association with Vitamin Shoppe-owner Franchise Group, which attracted scrutiny from investors and regulators.Riley, who is also the largest shareholder with a 24% stake, has offered 7 each for the shares he doe ...