Actually thinking about it more, even if they cut a deal to sell the FUM to another player and make the current MFG staff almost entirely redundant, they will still have to cut their base fee to sustainable levels, of closer to 75-80bp for retail (even if they are stubborn about this, the buyer will price this into any acquisition price paid).
In such a scenario, the funds management business has a likely per share value to such a buyer of $15-20. And this is a best case scenario if everything is very carefully stage managed and nobody spooks the horses...the longer MFG wait, the more FUM is likely to flow out the door, reducing this potential valuation. With no deal, it is headed lower. I doubt those $35 options will ever get into the money.
MFG Price at posting:
$12.82 Sentiment: Sell Disclosure: Not Held
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