Tags: lazard | peltz | trian | stake

Lazard Shares Rally as Peltz’s Trian Discloses Stake

Shares of Lazard Ltd., the largest independent merger adviser, surged in New York trading Monday after Nelson Peltz’s Trian Fund Management LP disclosed a stake of about 5.1 percent and said the company is “significantly undervalued.”

Lazard advanced 96 cents, or 4.2 percent, to $24.05 at 2:24 p.m. in New York.

Trian holds about 6.3 million shares, Peltz’s firm said in a statement. Bermuda-based Lazard’s fee-based model and focus on margin improvement makes the firm attractive compared with rivals in more capital-intensive businesses, Trian said.

“Successful execution of Lazard’s plan could result in the company increasing earnings per share to slightly more than $3.50 in 2014,” Trian said in the statement. “This would imply a target value per share more than double the current price.”

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