Legg Mason plans to make a public offering of 4 million shares of common stock, using part of the proceeds for potential acquisitions, confirmed a company official who asked not to be identified. The official would not say if the acquisitions would involve money managers. Legg Mason Wood Walker, Goldman Sachs and Merrill Lynch will manage the public offering. The underwriters have the option to purchase an additional 600,000 shares of Legg Mason common stock to cover over-allotments.
Legg Mason reported $311 billion in total assets under management as of Sept. 30, according to a company statement.
