06:30 AM EDT, 08/19/2024 (MT Newswires) -- B. Riley Financial ( RILY ) said Friday that its founder, Chairman and co-Chief Executive Bryant Riley has made an unsolicited proposal to take the company private for $7 per share.

A special committee would be established to evaluate the proposal, the company said, adding that there is no assurance that a transaction will push through.

The proposed acquisition would be subject to the "majority of the minority" stockholder approval, but would not be subject to financing condition, the company said.

Riley plans to finance the proposed deal with debt and equity from third party capital providers.

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