Pzena Investment Management

Shares of Pzena Investment Management, which manages assets of $30.6 billion for clients including John Hancock mutual funds, rose 12% in the stock's first day of trading. The stock closed Thursday at $20.09, up $2.09, after climbing to $22.25 earlier in the day. Pzena raised $109.8 million by selling 6.1 million Class A shares at $18 apiece late Wednesday. Insiders retain a controlling stake through Class B stock.

Shares of Pzena Investment Management, which manages assets of $30.6 billion for clients including John Hancock mutual funds, rose 12% in the stock's first day of trading. The stock closed Thursday at $20.09, up $2.09, after climbing to $22.25 earlier in the day. Pzena raised $109.8 million by selling 6.1 million Class A shares at $18 apiece late Wednesday. Insiders retain a controlling stake through Class B stock.

Shares of MBIA Inc., the world's biggest bond insurer, fell by the most in 2 1/2 years Thursday, a day after the company disclosed that New York Atty. Gen. Eliot Spitzer and the Securities and Exchange Commission sought new information about its accounting practices. MBIA's stock tumbled $4.36, or 7.7%, to $52.28 in New York Stock Exchange trading. "They are subpoenaing everything, and everybody is really afraid," said Michael Peterson of Pzena Investment Management in New York.

GlaxoSmithKline, Novartis and Johnson & Johnson Inc. may be potential buyers of Bristol-Myers Squibb Co.'s consumer-products business, which includes the Excedrin and Bufferin headache medicines, investors said Wednesday. Bristol-Myers is considering a sale of the assets to focus on its larger pharmaceuticals business, people familiar with the situation said. An acquirer would get a business that generated 2003 sales of $354 million, about 1.

Lear Corp. on Monday accepted an increased $3-billion takeover offer from billionaire Carl Icahn, but doubts remained as to whether the auto parts maker's shareholders would support the new deal. Icahn, Lear's biggest shareholder, raised his offer to $37.25 a share from a previous $36 that proxy advisory firms and several shareholders called too low. Just weeks ago, Icahn stood firm against raising the offer.

Lear Corp. shareholders rejected a $2.9-billion buyout offer Monday from a firm led by billionaire investor Carl Icahn, mounting enough opposition amid concerns that the bid undervalued the auto parts supplier. Icahn's American Real Estate Partners had improved its offer in the last week to $37.25 a share, but some shareholders said Lear was worth far more and questioned whether the deal was in their best interest.

Auto parts supplier Lear Corp. said Friday that it had agreed to a buyout offer by a group affiliated with billionaire investor activist Carl Icahn for about $2.8 billion, but it left the door open for a better offer. At least one major shareholder said he would try to get others who own stock to oppose the deal. Under the agreement, Icahn-controlled American Real Estate Partners would pay $36 a share; a Lear spokesman said that amounted to about $2.8 billion.

Whirlpool Corp. said on Monday that it reached a definitive agreement to buy smaller rival Maytag Corp. for $1.7 billion in cash and stock, capping months of bidding for the U.S. appliance icon. Maytag paid $40 million to sever its buyout pact with private equity firm Ripplewood Holdings and had been reimbursed for those funds by Whirlpool, the companies said. Maytag would be acquired for $21 a share, with Whirlpool assuming $977 million of Maytag debt.