Oppenheimer Corp acquires Tremont

It was announced on July 9, 2001 that Oppenheimer Acquisition Corp., the parent company of Oppenheimer Funds, had reached an agreement to purchase Tremont Advisers, for $19 a share.

The approximate value of the transaction is $140m.

Under the terms of the agreement, Tremont will become an independent, wholly-owned subsidiary of Oppenheimer Acquisition Corp.

The acquisition is expected to close early in the fourth quarter of 2001.