Notable Mergers and Acquisitions of the Day 06/07: (GE)/(ING) (BX) (TIN)/(IP)
- Top 10 News for 5/23 - 5/27: Computer Sciences to Acquire Key Enterprise Asset; Bayer Makes Run at Monsanto; Twitter has 'Character' Change
- Wall Street puts finishing touch on best week since March
- Intercept Pharma (ICPT) Granted Accelerated FDA Approval of Ocaliva in PBC
- Marketo (MKTO) Deal Talk to Force Microsoft's (MSFT) Big Wallet Into Action
- Thermo Fisher (TMO) to Acquire FEI Company (FEIC) in ~$4.2B Deal
- General Electric (NYSE: GE) and Capital One (NYSE: COF) have submitted bids for ING Groep NV (NYSE: ING) U.S. online bank last week for an estimated $9 billion, reports Bloomberg.
Bloomberg states the decision to sell the online bank may be made up as soon as this month. GE made its offer all in cash while COF’s offer included stock.
The online bank is the largest in the U.S. with $81.6 billion in deposits. Robin van den Broek, an Amsterdam-based analyst at ABN Amro, commented that the sale would be great for INGA and could fetch as much as $10.2 billion. Mr. Broek currently has a buy rating on the company.
Ally Financial Inc., CIT Group Inc. (NYSE: CIT), and SJB National Bank, have either ended talks or put them on hold as potential buyers or partners.
GE is in talks with other companies to sell off the online banks $40.5 billion of mortgage loans and $19.9 billion of mortgage-backed securities, if the bid is accepted.
- NBCUniversal announced it will purchase The Blackstone Group's (NYSE: BX) 50% interest in Universal Orlando for $1.025 billion.
The enterprise value of this transaction is $3.165 billion and it is expected to close on July 1, 2011.
Following the closing, NBCUniversal and its affiliates will own 100% of Universal Studios Florida, Universal's Islands of Adventure and Universal CityWalk.
- After the market closed yesterday, International Paper (NYSE: IP) proposed to acquire all of the outstanding shares of Temple-Inland (NYSE: TIN) for $30.60 per share in cash.
International Paper first communicated its proposal verbally to the chairman of Temple-Inland on May 17th, 2011.
Temple-Inland since rejected the offer, and has adopted a 'poison pill.'
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Notable Mergers and Acquisitions 5/26: (NYRT) (MGT) (SMT) (WPX)
- After-Hours Stock Movers 05/25: (LGF) (PVH) (WSM) Higher; (PRGN) (PSTG) (ALDX) Lower (more...)
- Notable Mergers and Acquisitions 5/25: (HPE)/(CSC) (BIOD) (MDVN)
Create E-mail Alert Related CategoriesSpecial Reports
Related EntitiesNotable Mergers and Acquisitions
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!