Updated 12:04 p.m.
Wunderlich Securities is back at the bargaining table to buy Richmond investment bank/brokerage Anderson Strudwick, likely for a lower price.
A previously agreed-upon deal did not get finalized before next week’s deadline.
“The volatility of the markets and its impacts on investment firms precluded us from closing under the original conditions,” said CEO and President George Nolde, who was reached by phone this morning.
The price tag on the deal has not been released.
Nolde said that executives from both firms have been meeting yesterday and today to work out a new deal.
Nolde also read part of a memo sent to employees, “Anderson Strudwick is continuing discussions with Wunderlich Securities on restructuring the initial stock purchase agreement. Our hope is to be able to reach a mutually satisfactory agreement.”
Nolde also said that should the deal not go through, Anderson Strudwick can continue operating as a stand-alone operation. The Richmond-based firm has around 130 employees.
Please send story tips to [email protected]