Analysts predict the alternative asset manager, now helmed by Bobby Le Blanc, will buy back its own shares
, cash that analysts predict the alternative asset manager will use to buy back its own shares.
The Ryan Specialty share sale boosts Onex’s cash reserves to US$2-billion, twice the amount analysts say the company typically carries. In a report, analyst Geoffrey Kwan at RBC Capital Markets said the Ryan Specialty stock sale means “more cash resources to be used for share buybacks, as Onex’s shares trade at a 53-per-cent discount to net asset value.”
Earlier this month, Mr. Le Blanc launched a strategic review of Onex’s operations and said: “We will re-emerge as a stronger and more streamlined organization.” Taking profits on its investment in Ryan Specialty is an example of Onex’s approach to private equity, which includes backing entrepreneurs in private companies, taking the business public, then eventually cashing out.
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