Notable Mergers and Acquisitions of the Day 08/08: (PMTC) (LMCA) (NYT) (SAVB)/(SCBT)
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- Buffett's Berkshire Hathaway Discloses ~$4.5B Stake in Phillips 66 (PSX)
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- Carl Icahn files 13D on Freeport-McMoran (FCX)
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- PTC (Nasdaq: PMTC) has signed a definitive agreement to acquire Servigistics, Inc., developer of an innovative suite of service lifecycle management (SLM) software solutions, for approximately $220 million in cash. Pending regulatory approval and satisfaction of other customary conditions, the transaction is expected to be completed in September 2012.
RBC Capital Markets Corporation is acting as financial advisor to PTC. Blackstone Advisory Partners L.P. is acting as financial advisor to Servigistics and its owner Marlin Equity Partners.
- Liberty Media Corporation (Nasdaq: LMCA) (Nadaq: LMCB) announced intention to separate Liberty Media and Starz, LLC.
- The New York Times Company (NYSE: NYT) may be close to selling About.com to Answers.com for $270 million, according to AllThingsD.
The New York Times bought About.com in 2005 for $410 million.
- The Savannah Bancorp, Inc. (Nasdaq: SAVB) and SCBT Financial Corporation (Nasdaq: SCBT) signed a definitive merger agreement under which SCBT will acquire The Savannah Bancorp, Inc. for a total value of approximately $67.1 million.
SCBT Financial Corporation operates in South Carolina as SCBT; in North Carolina as NCBT, a division of SCBT, and in Georgia as Community Bank & Trust, a division of SCBT. Providing financial services for over 78 years, SCBT Financial Corporation operates 76 locations in 19 South Carolina counties, 10 north Georgia counties, and Mecklenburg County in North Carolina. SCBT Financial Corporation has assets of approximately $4.4 billion, is the largest publicly traded bank holding company in South Carolina and its stock is traded under the symbol SCBT in the NASDAQ Global Select Market.
Upon completion of the transaction, the combined company will have approximately $5.3 billion in total assets, $4.5 billion in total deposits, $3.8 billion in total loans, and a network of 87 branches in the Carolinas and Georgia. The two companies currently serve four common counties in South Carolina and Georgia, where, on a pro forma basis, the combined company will have $1.2 billion in deposits earning it the #3 ranking in market share (source: SNL Financial). Minis & Co., Inc., combined with SCBT's existing Wealth Management Group, will have total assets under management of approximately $1.6 billion.
Under the terms of the agreement, shareholders of The Savannah Bancorp, Inc. will receive 0.2503 shares of SCBT common stock for each share of SAVB common stock. The stock issuance is valued at approximately $67.1 million in the aggregate, based on 7,199,237 shares of SAVB common stock outstanding and on SCBT's August 7, 2012 closing stock price of $37.21.
Keefe, Bruyette & Woods, Inc. served as financial advisor and Wachtell, Lipton, Rosen & Katz provided legal counsel to SCBT Financial Corporation. SunTrust Robinson Humphrey served as financial advisor, and FIG Partners, LLC rendered a fairness opinion, to The Savannah Bancorp, Inc. Sandler O'Neill & Partners, L.P. also assisted The Savannah Bancorp, Inc. with the transaction. Alston & Bird LLP and Ellis, Painter, Ratterree & Adams LLP served as legal counsel to The Savannah Bancorp, Inc.
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