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Slide #40. RCS Capital Corporation — Summit Financial Services
RCS Capital Corporation (RCAP)
Summit Financial Services (SFNS)
RCS Capital Corporation ("RCAP") (NYSE: RCAP) announced today that on November 16, 2013, RCAP and a newly formed wholly-owned subsidiary of RCAP entered into an agreement and plan of merger (the "Merger Agreement") with Summit Financial Services Group, Inc. ("Summit") (OTC Bulletin Board: SFNS) by which RCAP will acquire Summit for $49.0 million, or approximately $1.43 per share (as more fully defined in the merger agreement). Following the merger, Summit and its subsidiaries, including its SEC-registered broker-dealer and FINRA-member subsidiary Summit Brokerage Services, Inc., will continue to operate under current management and the "Summit" brand.
RCS Capital is a holding company. Co. operates through its subsidiaries in six segments: Independent Retail Advice, which provides independent retail advice, financial products and investment solutions; Wholesale Distribution, which provides financial products and investment solutions through its wholesale distribution; Investment Banking, Capital Markets and Transaction Management Services, which provides direct investment programs; Investment Management, which provides investment advisory and distribution to the Hatteras family; Investment Research, which provides due diligence on investment products; as well as Corporate and Other, which includes its crowdfunding investment platform.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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