Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 30 n° 318

Posts Tagged ‘merger’

Cadence Bancorporation Announces Merger With State Bank Financial Corporation, Creating a Leading Commercial Lending Franchise

Posted by fidest press agency su martedì, 15 maggio 2018

Cadence Bancorporation (NYSE:CADE) and State Bank Financial Corporation (NASDAQ:STBZ) jointly announced today the entry into a definitive merger agreement in a stock-for-stock transaction, creating a combined organization with $16 billion in assets, $12 billion in loans, $13 billion in deposits and approximately 100 branches serving Texas, Georgia, Florida, Alabama, Tennessee and Mississippi, based on the companies’ balance sheets as of March 31, 2018.
Under the terms of the merger agreement, State Bank Financial Corporation (“State Bank”) shareholders will receive 1.160 shares of Cadence Bancorporation (“Cadence”) Class A common stock for each share of State Bank common stock, valuing the transaction at approximately $1.4 billion based on the closing share price of Cadence of $30.23 on May 11, 2018. After closing, legacy Cadence and State Bank shareholders will collectively own approximately 65% and 35% of the combined company, respectively.At closing, three State Bank directors will join the board of Cadence and of Cadence Bank. Joe Evans, Chairman of the State Bank board, will serve as Vice Chairman of Cadence and Tom Wiley, Vice Chairman of the State Bank board, will serve as a director of Cadence and Chairman of Cadence Bank. Additionally, Cadence Bank CEO Sam Tortorici will relocate to Atlanta. Cadence Bank’s corporate headquarters will also move to Atlanta from Birmingham. Cadence Bancorporation will remain headquartered in Houston.“We are excited to announce that two great companies are joining forces. State Bank is an impressive organization with talented, experienced and customer-centered bankers,” said Paul B. Murphy, Jr., Chairman and CEO of Cadence. “We are pleased to combine these two strong, growing institutions which have been built on a common vision with shared values. I have enjoyed getting to know Joe, Tom and many of their bankers. When we went public a year ago, we said we wanted to be active with M&A. We said we would be selective and that we were looking for a gem. We found a gem with State Bank. I believe this is going to be an outstanding combination. I see it as a joint win for both company’s shareholders, customers, employees and the communities we serve.”
Sam Tortorici, CEO of Cadence Bank, added: “State Bank brings a significant Georgia presence, which will be an important part of our combined company. I look forward to relocating to the vibrant Atlanta area, where I have spent significant time over my banking career, and to working with the experience and expertise of State Bank’s business leaders. We will work together to ensure our future success in Georgia and as a leading regional banking franchise.”
Cadence expects this acquisition to be ~7% accretive to earnings per common share in 2020, excluding one-time charges, and expects the transaction to deliver strong returns on capital. The transaction is expected to produce approximately 4% tangible book value per share dilution at closing with an earnback period of less than three years.The merger agreement has been unanimously approved by the boards of both companies. Following the execution of the merger agreement, Cadence Bancorp, LLC, the controlling stockholder of Cadence, delivered a written consent adopting the merger agreement and approving the issuance of the Cadence shares in connection with the merger. Closing is subject to customary approvals by regulators and the shareholders of State Bank, and is expected to occur in the fourth quarter of 2018.Goldman Sachs & Co. LLC served as financial advisor to Cadence, and Wachtell, Lipton, Rosen & Katz served as Cadence’s legal advisor. Sandler O’Neill + Partners L.P. and Raymond James & Associates, Inc. served as financial advisors to State Bank, and Nelson Mullins Riley & Scarborough LLP served as State Bank’s legal advisor. FIG Partners provided a fairness opinion and Kilpatrick Townsend & Stockton LLP served as legal advisor to State Bank’s Independent Directors Committee, comprised of State Bank’s independent directors.

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Exactech Shareholders Approve Merger Agreement with TPG Capital

Posted by fidest press agency su mercoledì, 14 febbraio 2018

Exactech (Nasdaq: EXAC), a leading developer and producer of orthopaedic implant devices and surgical instrumentation for extremities and large joints, today announced that at a Special Meeting of Shareholders held earlier today, Exactech’s shareholders approved the previously announced merger agreement with TPG Capital and certain of its affiliates, and approved the other two proposals described in Exactech’s proxy statement relating to today’s meeting.Approximately 94.5% of voting Exactech shareholders cast their votes in favor of the merger, representing approximately 73.7% of Exactech’s outstanding common stock as of the record date for the special shareholder meeting. The final results will be available on a Current Report on Form 8-K, to be filed later this week by the company.Upon completion of the transaction, Exactech shareholders will receive an amount in cash equal to $49.25 per share of Exactech common stock. The transaction remains subject to customary closing conditions and is expected to close on or around February 14, 2018, at which time Exactech will become a private company and its common stock will no longer trade on the NASDAQ. In addition, the company’s common stock will cease to be registered under Section 12 of the Securities Exchange Act of 1934, as amended.

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T-Mobile and Sprint End Merger Discussions

Posted by fidest press agency su domenica, 5 novembre 2017

Sleeve_Gastrectomy_Devices_MarketT-Mobile (NASDAQ: TMUS) and Sprint (NYSE: S) today jointly announced that they have ceased talks to merge as the companies were unable to find mutually agreeable terms.“The prospect of combining with Sprint has been compelling for a variety of reasons, including the potential to create significant benefits for consumers and value for shareholders. However, we have been clear all along that a deal with anyone will have to result in superior long-term value for T-Mobile’s shareholders compared to our outstanding stand-alone performance and track record,” said John Legere, President and CEO of T-Mobile US, Inc. “Going forward, T-Mobile will continue disrupting this industry and bringing our proven Un-carrier strategy to more customers and new categories – ultimately redefining the mobile Internet as we know it. We’ve been out-growing this industry for the last 15 quarters, delivering outstanding value for shareholders, and driving significant change across wireless. We won’t stop now.” Sprint President and CEO and Softbank Board member Marcelo Claure said: “While we couldn’t reach an agreement to combine our companies, we certainly recognize the benefits of scale through a potential combination. However, we have agreed that it is best to move forward on our own. We know we have significant assets, including our rich spectrum holdings, and are accelerating significant investments in our network to ensure our continued growth. As convergence in the connectivity marketplace continues, we believe significant opportunities exist to establish strong partnerships across multiple industries. We are determined to continue our efforts to change the wireless industry and compete fiercely. We look forward to continuing to take the fight to the duopoly and newly emerging competitors.” (photo: Sleeve_Gastrectomy_Devices_Market)

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CSC Celebrates Merger with CEC, Governing Board Meets

Posted by fidest press agency su mercoledì, 10 dicembre 2014

european churchesIn five days of meetings, public events, and celebrations the Conference of European Churches marked a turning point in its history.
The governing bodies of the Church and Society Commission (CSC) met on 2 and 3 December in Leuven, Belgium to legally finalise its merger with the Conference of European Churches under Belgian law. The group also tended to other business matters including a review of its programmatic work by executive staff, its finances, and plans for continuing the mission and mandate of CSC in this time of transition.With the merger complete and the Geneva offices set to close at the end of 2014, CEC turned to celebratory, forward-looking events in Brussels. Members of the governing board and invited guests gathered for a stimulating colloquium on the challenges and future under a new CEC structure. Archbishop Anders Wjryd, Church of Sweden, World Council of Churches president for Europe, H. E. Metropolitan Joseph, Romanian Orthodox Church, and the Most Rev. Dr. Joris Vercammen, Old Catholic Church in the Netherlands offered meaningful reflections on the place of the church in European society.An evening public debate featured an address by former president of the European Council Herman Van Rompuy and responses from H. E. Metropolitan Emmanuel of France, CEC Vice-President, the Rev. Zoltán Tarr, Reformed Church in Hungary, Katharina von Schnurbein, European Political Strategy Centre, European Commission, and the Rev. Dr. Donald Watts, Presbyterian Church in Ireland.CEC was delighted to host at these events many friends and supporters from ecumenical networks, organisations in partnership, and the European institutions.The CEC Governing Board meetings followed in Leuven on 5 and 6 December. This Governing Board meeting, the fourth since the 2013 Budapest Assembly, was marked by serious commitment to CEC governance, management, and finances. Members discussed, among other issues, denominational membership and contributions, financial statements, and discussed and approved standing orders.Programmatic work also received significant agenda time, with presentations from executive staff on upcoming initiatives on economic and environmental justice, employment and social issues, human rights and religious freedom, education and bioethics, and ecclesiology and theological dialogue among the churches. The board also heard a presentation on the work of the Churches’ Commission for Migrants in Europe (CCME) and discussed plans for future collaboration between CCME and CEC.The board approved a statement on the humanitarian crisis in the Middle East and a proposal to work with CCME on statelessness in Europe. These statements will be made available in separate news releases in the coming days.

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Geely Pins High Hopes on Volvo

Posted by fidest press agency su venerdì, 23 aprile 2010

London Better known for in-expensive and small cars in its domestic market, China’s Geely now has a premium European brand in its stable thanks to which it can access Volvo’s quality and cutting-edge technology, enhance product line-up and increase domestic brand differentiation.  This merger is a strong strategic fit, feeding Geely’s ambition to be a global player while allowing Volvo to achieve a significant competitive structure within the European automotive industry through low-cost sourcing.  The partnership also enables both parties to enhance their co-operation on alternative propulsion in both the European and Chinese markets. However, sufficient care must be taken to align a clear integration strategy with suppliers/vendors and, more importantly, to ensure the cross-cultural integration and human resource management between the two carmakers. “Geely’s promise to keep the “Volvo-ness” unique and intact by not mixing Geely with Volvo is crucial,” argues Aswin Kumar, Senior Research Analyst in Frost & Sullivan’s Automotive & Transportation Practice in a new article entitled Volvo for Geely – Global Footprint for China’s Henry Ford! Geely hopes Volvo will help it crack China’s fast-growing luxury car market and wrest some of the lucrative Chinese government vehicles procurement market away from Audi. It also wants to build its brand name and experience in managing both mass-market and luxury vehicles in its portfolio. “The deal is expected to help Geely leap-frog in technology and have a leg up against domestic competitors that are buffered by government support or operate through partnerships with foreign OEMs, securing access to technology and finance,” concludes Kumar. “With Volvo’s well established supply chain and existing R&D talent, Geely has ensured that it stays well-ahead of its domestic competitors.”
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company’s Growth Partnership Service provides the CEO and the CEO’s Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.

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Saet group si espande negli Usa

Posted by fidest press agency su mercoledì, 30 settembre 2009

SAET Group, azienda leader mondiale nella produzione di impianti speciali per il trattamento termico ad induzione con sede a Leinì (TORINO), ha acquisito la maggioranza della società Engineering Design & Manufacturing Services Inc. (EDMS) società statunitense specializzata in processi e sistemi integrati per la tempra sotto pressa con sede a Surgoinsville in Tennessee. Advisor dell’operazione è stato Arietti & Partners, il membro italiano di M&A International Inc., gruppo mondiale di mergers & acquistions leader nel settore mid-market.  EDMS è stata selezionata dal Gruppo SAET per lo specifico know-how ed il possesso di importanti brevetti legati al marchio Epic™. Nel giugno 2009 è stato firmato il contratto vincolante di compravendita ed il patto parasociale che lega il Gruppo SAET all’attuale proprietà per un periodo di 5 anni, al termine del quale potrà essere esercitata l’opzione di acquisto delle rimanenti quote. EDMS prevede di conseguire nel 2009 un fatturato di circa 5 milioni di dollari ed un EBITDA di oltre il 20% del fatturato. L’obiettivo di EDMS è aiutare i clienti a realizzare le soluzioni più efficaci per i loro problemi manifatturieri, fornendo il più efficiente processo di riscaldo ad induzione disponibile, attraverso lo sviluppo, la progettazione e la costruzione di sistemi completi. EDMS utilizza i processi più avanzati nella tecnologia del riscaldo e della tempra avvalendosi dell’integrazione dei processi e dell’automazione per trarre i migliori risultati. Questi sistemi sono sviluppati usando tecniche di riscaldo ad induzione e sono tipicamente combinati con il processo di tempra sotto pressa il quale garantisce il contenimento delle distorsioni; tale tecnologia può anche essere combinata a tecniche di riscaldo tradizionali in sistemi ibridi.
Saet Group  Fondata nel 1966 da Pietro Canavesio e con sede a Leinì, in provincia di Torino, SAET Group è oggi il leader italiano nella produzione di tecnologia, nella progettazione e realizzazione di soluzioni e impianti “su misura” per il trattamento termico a induzione. Con la guida di Davide Canavesio in qualità di Amministratore Delegato, oltre 300 dipendenti ad alta specializzazione, sedi in Italia, in India (a Pune), Saet Group è un vero e proprio partner tecnologico per i propri clienti e si distingue per la capacità di supportarli a 360 gradi, dalla nascita dell’esigenza allo studio, progettazione e fornitura di una soluzione personalizzata, alla consulenza e assistenza in ogni singola fase del processo. La strategia di espansione, gli investimenti in innovazione e Ricerca & Sviluppo, e la stretta collaborazione con le Università italiane e con UCLA, contribuiscono quotidianamente alla crescita di Saet Group.

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Nasdaq Omx for leadership position in Asia

Posted by fidest press agency su martedì, 21 luglio 2009

New York “Magnus built a ground-breaking, successful exchange and technology company in OMX, and he has played an integral role in the successful merger of NASDAQ OMX. We are grateful for his valuable contributions over the last 18 months, including executing on our successful integration as well as his achievements in moving our listings and market technology business forward,” said Bob Greifeld, Chief Executive Officer of NASDAQ OMX. “We are delighted that we can continue our partnership with Magnus in his role as a market technology customer.”  Mr. Bocker was appointed President of NASDAQ OMX following the merger of the two companies in February 2008. During his tenure at the exchange company, Mr. Bocker had responsibility for Listings, Corporate Services and Market Technology. Mr. Bocker’s responsibilities will be assumed by Bruce Aust, Executive Vice President, Global Corporate Client Group, and Anna Ewing, Executive Vice President and Chief Information Officer, who will lead Market Technology.
The NASDAQ OMX Group, Inc. is the world’s largest exchange company. It delivers trading, exchange technology and public company services across six continents, with over 3,800 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries.  http://www.nasdaqomx.com.

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