Shares in Legg Mason dipped Tuesday amid reports that the Baltimore-based money management firm was in talks to buy a majority stake in a real estate investment specialist company.
The deal could value New York-based Clarion Partners at $850 million, according to the Bloomberg News report.
Legg Mason spokeswoman Mary Athridge said the company does not comment on "market rumors."
Legg shares dropped about 2.6 percent Tuesday to close at $38.68 each.
Owned by private equity firm Lightyear Capital, Clarion invests in office and retail real estate and has about $38 billion in assets under management. The deal could be announced this month, according to...