Tucker Anthony in Merger Talks

Tucker Anthony Sutro (TA), one of the few remaining independent securities firms, on Friday said it was in merger talks with an unnamed partner but might be sold at a price lower than its current market value of about $690 million.

“Based on discussions, any transaction which might result could be at a per-share value below current trading ranges, which have recently risen on market speculation,” the company said in a prepared statement.

Media reports have said Tucker Anthony might be shopping for a potential buyer and has hired Goldman Sachs Group Inc. to advise on a possible sale. Tucker Anthony earlier this month declined to comment on the report, which drove its shares up 15%.

Royal Bank of Canada and Wells Fargo & Co. (WFC) were mentioned in news reports as potential buyers of Tucker Anthony. Both banks have declined to comment.

Shares of Tucker Anthony, which had about 25.4 million shares outstanding as of June 30, fell $2.23 to $24.77 in New York Stock Exchange trading Friday.