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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?


To: richardred who wrote (2645)12/22/2010 12:12:54 PM
From: richardred  Read Replies (2) | Respond to of 6101
 
IMO-The small regionals have the best speculative appeal.

Legacy Bancorp shares soar on acquisition
Legacy Bancorp shares soar on news of acquisition by Berkshire Hills

On Wednesday December 22, 2010, 11:37 am

NEW YORK (AP) -- Shares of Legacy Bancorp Inc. soared by 42 percent Wednesday after the regional bank said it was being purchased by its larger rival, Berkshire Hills Bancorp Inc., in a $108 million deal.

THE SPARK: The banks said Tuesday that 90 percent of the deal will be in the form of Berkshire stock and 10 percent will be in cash. Each outstanding share of Legacy common stock will be exchanged for 0.56385 Berkshire common shares plus $1.30 in cash.

THE BIG PICTURE: Berkshire Hills said the acquisition will create a combined institution with $4 billion in assets. Both banks are based in Pittsfield, Mass. and have branches in western Massachusetts and northeastern New York.

After taking into account Berkshire's pending merger with Rome Bancorp, the new bank will have more than 60 offices serving Berkshire County, the Pioneer Valley, New York, and Southern Vermont.

The Legacy acquisition is expected to be complete by June 30 of next year and should be accretive to Berkshire's core earnings by 10 per share in 2012, Berkshire said.

SHARE ACTION: Legacy shares rose $3.61 to $12.21. Berkshire shares fell $1.08, or 5 percent, at $20.20.
reuters.com



To: richardred who wrote (2645)11/27/2017 1:33:09 PM
From: richardred  Respond to of 6101
 
A very small ill-liquid buy today and in a sector I usually shy away from . Regional Banks

New buy- MBKL 5% dividend yield to go along. Goes along with my other ill-liquid regional bank buy LYBC from about 7 years ago. They just raised the dividend. 10 year chart.