The turbulent buyout of ICM by its management that was announced as an agreement in principle in December 2011 has been completed. Previous controlling investor Rizvi Traverse Management and former chairman and ceo of ICM Jeffrey Berg have sold their stakes in the agency “and neither will participate in the management of the agency or serve on the agency’s Board” going forward. The WSJ indicates both RTM and Berg received “a combination of cash and preferred non-voting shares.” Traverse purchased its share in the agency, said to be a 40 percent stake, in 2005 for $75 million (and $25 million […]
