B. Riley co-CEO offers to acquire investment bank

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Investment Bank News

Bryant Riley,Franchise Group,B. Riley

The stock has plunged 70% so far this week, underscoring the challenges the Los Angeles-based bank is facing, particularly concerning its investment in...

- B. Riley Financial's co-CEO Bryant Riley has proposed to buy the investment bank, he disclosed in a regulatory filing on Friday.

Riley is the co-founder and the largest shareholder of the investment bank. He said he would not proceed with the transaction unless he gets approval from a special committee of independent directors of the bank's board. The bank also delayed its quarterly report and warned of a markdown of $330 million to $370 million in the period related to its investment in FRG, a deal under scrutiny by both its shareholders and regulators.China expressed its “very dramatic” alarm over a mid-range missile system that the U.S. military recently deployed to the Philippines, and warned it could destabilize the region.

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