Notable Mergers and Acquisitions of the Day 9/26: WM/JPM, BA, UPG
- Late Thursday, the Office of Thrift Supervision announced that $307 billion thrift Washington Mutual (NYSE: WM) was placed into receivership with the FDIC and certain assets, including deposits and branches, were subsequently acquired by JP Morgan (NYSE: JPM). The regulators said insufficient liquidity put WaMu in an unsafe operating condition. WaMu is now the largest bank failure in U.S. history.
The acquisition by JP Morgan will have no impact on the bank's depositors. Business is expected to proceed uninterrupted and bank branches will open Friday as usual.
Regulators said pressure on WaMu intensified in the last three months as market conditions worsened and the bank saw a $16.7 billion outflow of deposits since September 15th.
- The Boeing Company (NYSE: BA) announced an agreement to acquire Tapestry Solutions, a San Diego-based company specializing in services and software systems that improve the tracking and distribution of equipment, spare parts and personnel for the U.S. Department of Defense and other government and non-government agencies.
Once acquired, Tapestry Solutions will operate within IDS Global Services & Support. Terms of the cash transaction were not disclosed. This transaction, anticipated to close by the end of October following regulatory approvals, does not affect Boeing's financial guidance.
- Universal Power Group, Inc. (AMEX: UPG) announced that it has entered into an agreement for the purchase of all of the tangible and intangible assets used in connection with the business known as Monarch Hunting Products ("Monarch"). The Monarch product line includes hunting and hunting-related products sold under the names "Monarch", "Monarch Hunting Products" and derivatives thereof.
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