Notable Mergers and Acquisitions of the Day 08/17: (LTS)/(AMP) (CHS) (ISBC)/(BFSB)
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- Ladenburg Thalmann Financial Services Inc. (AMEX: LTS) has signed a definitive agreement to acquire Securities America Financial Corporation and its subsidiaries from Ameriprise Financial, Inc. (NYSE: AMP) for $150 million cash. The deal also includes the potential for additional cash payments in the event that certain performance targets are met by Securities America during 2012 and 2013.
The transaction, expected to close by the end of 2011, is subject to customary closing conditions, including regulatory approval. Approval by Ladenburg's shareholders is not required. Jefferies & Company, Inc. served as financial advisor for Ladenburg in the transaction, and Greenberg Traurig, P.A. and Graubard Miller served as legal counsel. Lazard served as financial advisor for Ameriprise Financial, Inc. in the transaction and Skadden, Arps, Slate, Meagher & Flom, LLP served as legal counsel.
- Chico's FAS, Inc. (NYSE: CHS), has entered a definitive agreement to acquire Boston Proper Inc., in a $205 million deal.
The transaction will be funded from available cash balances is expected to be immediately accretive to Chico's earnings in its first full year of operations before giving any consideration to potential synergies.
The transaction is anticipated to close within 45 days but is subject to customary closing conditions and regulatory review.
- Investors Bancorp, Inc. (Nasdaq: ISBC) and Brooklyn Federal Bancorp, Inc. (Nasdaq: BFSB) report entering a definitive merger agreement under which Investors Bancorp, Inc. will acquire Brooklyn Federal Bancorp, Inc. for $0.80 per share or approximately $10.3 million in the aggregate.
In addition, Investors Bancorp, Inc. entered into a separate agreement with a real estate investment fund to sell most of Brooklyn Federal Bancorp, Inc.'s commercial real estate loan portfolio immediately following the completion of the merger transactions.
Closing is expected in Q411.
Investors Bancorp, Inc. anticipates the transaction will be accretive to EPS in 2012, excluding one-time costs, and will result in 0.5% dilution to estimated fully-converted tangible book value at closing. In addition, Investors Bancorp, Inc. estimates that the transaction will result in an internal rate of return in excess of 20%.
RBC Capital Markets, LLC acted as financial advisor to Investors Bancorp, Inc. and Luse Gorman Pomerenk & Schick, P.C. acted as its legal advisor. Sandler O'Neill + Partners, L.P. acted as financial advisor to Brooklyn Federal Bancorp, Inc. and Paul Hastings LLP acted as its legal advisor.
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