Notable Mergers and Acquisitions of the Day 6/12: BLK/BCS, AMTD, SBN
- BlackRock, Inc. (NYSE: BLK) entered into an agreement to acquire Barclays Global Investors (BGI), including its market-leading ETF platform, iShares, from Barclays PLC (NYSE: BCS).
The transaction would create an independent and fully integrated asset management firm with combined assets under management of over $2.7 trillion.
At the closing of this transaction, which is expected to occur in the fourth quarter, Barclays will hold a 19.9% economic interest in BlackRock.
Under the terms of the transaction, BlackRock would acquire BGI in exchange for 37.8 million shares of common and common equivalents in BlackRock and $6.6 billion of cash. The shares will represent a 4.9% voting interest and an aggregate 19.9% economic interest in the combined firm, which will be renamed BlackRock Global Investors.
The cash portion of the purchase price will be funded through a mix of existing cash, committed debt facilities and proceeds from the issuance of equity securities to a group of institutional investors. The cash portion of the purchase price is 100% committed. BlackRock has received commitments from a group of institutional investors to purchase 19.9 million shares at the closing of the transaction for a total of $2.8 billion.
- TD AMERITRADE Holding Corporation (NASDAQ: AMTD) announced today that it has completed the acquisition of thinkorswim Group Inc.
In accordance with an Agreement and Plan of Merger dated Jan. 8, 2009, thinkorswim stockholders will receive $3.34 in cash and 0.3980 of a share of TD AMERITRADE common stock for each share of thinkorswim common stock. thinkorswim stock ceased trading on The NASDAQ Stock Market as of today’s market close.
After considering the impact of TD AMERITRADE’s recently completed stock buy-back program, the acquisition was effectively financed with cash. The Company expects little to no impact to its fiscal 2009 earnings, with 3-7% accretion expected in fiscal 2010 and 7-10% in fiscal 2011.
- SoftBrands, Inc. (Amex: SBN) today announced that it has entered into a definitive agreement to be acquired by an affiliate of Golden Gate Capital and Infor for $0.92 in cash per common share for a total transaction value of approximately $80 million (including amounts paid in respect of SoftBrands debt and preferred equity).
SoftBrands' current lender, Wells Fargo Foothill, part of Wells Fargo & Company (NYSE: WFC), has agreed to provide financing for the transaction, which is expected to close in 60 to 90 days.
The offer price represents an approximate 100% premium over the company's closing price on the NYSE Amex on June 11, 2009. SoftBrands common stockholders will retain the rights going forward to 10% of the AremisSoft Liquidating Trust's net cash proceeds, if any, received and distributed by the Trust.
Create E-mail AlertRelated Categories
Special ReportsStocks Mentioned
+0.00
-0.19Related Entities
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!
