CHICAGO - Rodman & Renshaw Inc. and ABACO Casa de Bolsa announced yesterday that Mexico-based ABACO has acquired a 51% stake in the firm with the successful completion of a stock tender offer.

The offer, which began Nov. 23 and ended at midnight on Tuesday, resulted in the tendering of about 4.2 million shares - 96% - of Chicago-based Rodman's outstanding common stock, according to a press release from the firms.

ABACO has accepted about 2.3 million shares for payment on a pro rata basis, the release said. The purchase price for the tender was $10.50 a share. Trading was suspended on Rodman's stock yesterday, but the firm's stock closed on Tuesday at 8 7/8.

The tender completes ABACO's acquisition of a majority stake in Rodman, a spokeswoman for Rodman said. All necessary regulatory approvals in the United States and Mexico have been received for the deal, she said.

On Nov. 1, ABACO, the brokerage subsidiary of Monterrey, Mexico-based ABACO Grupo Financiero, announced its intention to purchase 51% of Rodman's stock. Rodman and ABACO signed an agreement for the acquisition on Nov. 17.

At that time, Rodman announced that its chairman, Kurt Karmin, will continue to serve as chairman but has stepped down as chief executive officer. Norman Mains, Rodman's president, was appointed by the board to that position.

In a press release, Jorge Lankenau, chairman of ABACO Grupo Financiero, said yesterday that the Rodman deal will make his firm the first Mexican company to hold seats on major U.S. exchanges.

Mains said Rodman looks forward "to working closely with ABACO to develop Rodman & Renshaw's strengths and generate new business."

Rodman officials have said ABACO is committed to having Rodman stay in the public finance business.

In November, Rodman lost the last public finance official in its Chicago office, leaving just one investment banker in its Los Angeles office. The firm has also lost several municipal sales people. Thomas Basehart, a senior vice president at Rodman. said yesterday that the firm has talked to several public finance and sales people about jobs and will begin hiring people in January or February.

ABACO was one of five merger of acquisition finalists that Rodman's board of directors was considering this fall after announcing it would entertain proposals.

ABACO Grupo Financiero has a new worth in excess of $650 million.

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