February 24th, 2020 
Read this press release:
San Mateo, CA, February 18, 2020 Franklin Resources, Inc. (the Company) [NYSE:BEN], a global investment management organization operating as Franklin Templeton, today announced that it has entered into a definitive agreement to acquire Legg Mason, Inc. [NYSE:LM] for $50.00 per share of common stock in an all-cash transaction. The Company will also assume approximately $2 billion of …www.leggmason.com
For those who don’t know, the Carey Business School is based in the Legg Mason Building in Baltimore.
Note all the key words they use for the strategic rationale: “unlocks substantial value and growth opportunities;” “differentiated capabilities with modest overlap;” “balance across investment strategies, distribution channels, and geographies;” “shared vision;” “scale;” “$200 million in annual cost savings….majority…expected to be realized within one year.” There is much more.
ASSIGNMENT: What would you estimate to be the Value per Share (per Legg Mason share) of the Legg Mason cost savings mentioned in the release?
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