SECURITIES

British Firm Buys Duff & Phelps: Govett & Co., an investment management company, will pay about $230 million to acquire Chicago-based Duff & Phelps Corp. Stock in Duff & Phelps, an investment management and credit-rating service, shot up 34% after the announcement. Govett will exchange one American depositary receipt, or the equivalent of about $13 of its convertible preferred shares, for each Duff & Phelps share. ADRs are securities of foreign companies that trade in the United States. Each ADR will represent one Govett convertible preferred share, which in turn can be converted into 2.15 Govett common shares. Duff & Phelps will also pay shareholders a cash dividend of $1.20 a share, which will cost the company about $20 million. The merged company will be called Govett Duff & Phelps Ltd.