Portman Ridge Finance (PTMN) and Logan Ridge Finance (LRFC) said Wednesday that they have agreed to merge, with Portman Ridge being the sole publicly traded entity.
Logan Ridge shareholders will receive 1.50 newly issued shares of Portman Ridge in exchange for each Logan Ridge share, for a valuation of $25.02 per share, which is 4% higher than the company's closing price on Jan. 24, the companies said.
The merger is still subject to shareholder approval, the companies said.
The companies said the proposed deal will increase Portman Ridge's size and scale, resulting in increased trading volume, improved liquidity, lower operating expenses, and access to a broader range of financing sources.
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