Notable Mergers and Acquisitions of the Day 8/14: SKX/HLYS, WFC, GIS/DMND

August 14, 2008 9:52 AM EDT

StreetInsider.com Notable Mergers and Acquisitions of the Day:

• Skechers USA Inc. (NYSE: SKX) made an acquisition proposal to acquire Heelys, Inc. (NASDAQ: HLYS) for $5.25 per share, or an aggregate of $142.8 million.
  
  This proposal, which follows a proposal made by Skechers to Heelys on May 28, 2008, provides to Heelys’ stockholders an 8.2% premium to the closing price of its common shares on August 12, 2008 and a 31.0% premium to the closing price of its common shares, net of the cash and cash equivalents that the Company reported, as of June 30, 2008.
  
  
• Wells Fargo & Company (NYSE: WFC) and Century Bancshares said they have signed a definitive agreement for Wells Fargo to acquire Century Bancshares and its banking operations in Dallas-Fort Worth, and Texarkana, Texas and Arkansas in a stock-for-stock merger. As a result of the acquisition, Arkansas will become Wells Fargo's 24th community banking state.
  
  The acquisition - requiring approval of regulators and Century Bancshares shareholders, and expected to be completed by the end of this year - will increase Wells Fargo's presence in Dallas-Forth Worth, the U.S. metro area with the largest population increase from 2006 to 2007, according to census data. It also will make Wells Fargo No. 1 in deposit market share in Texarkana.
  
  Closely held and based in Dallas, Century Bancshares has $1.4 billion in assets, $1.3 billion in deposits, $1.2 billion in loans, 32 banking locations and 485 employees. It has 28 Century Bank locations in nine Texas communities - Dallas (11); Atlanta; Addison; Farmers Branch (2); Frisco; The Colony; Plano (3); New Boston; and Texarkana (7). Four Century Bank locations are in Arkansas - Texarkana (3); and Ashdown. Century Bank is the leading financial institution in Texarkana and surrounding communities.
  
  
• General Mills (NYSE: GIS) reached a definitive agreement to sell its Pop Secret microwave popcorn business to Diamond Foods, Inc. (NASDAQ: DMND) for approximately $190 million in cash.
  
  General Mills expects to receive cash proceeds of approximately $160 million after transaction-related costs. The company expects to record a one-time gain on the sale in its fiscal 2009 results.

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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