NewStar Financial (NEWS) Up 14% After Terminating Agreement To Buy Bank
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Investors are cheering the news of NewStar Financial (Nasdaq: NEWS) terminating its agreement to acquire Southern Commerce Bank. NewStar is currently trading up 14% to $2.43.
NewStar terminated the agreement because it became unlikely that it would receive approval of its terms that would allow the company to achieve its objectives, which relied on its ability to restructure the combined company's balance sheet.
Although NEWS terminated its proposed acquisition of Southern Commerce Bank, NewStar is still looking at acquiring and developing a commercial banking platform.
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NewStar terminated the agreement because it became unlikely that it would receive approval of its terms that would allow the company to achieve its objectives, which relied on its ability to restructure the combined company's balance sheet.
Although NEWS terminated its proposed acquisition of Southern Commerce Bank, NewStar is still looking at acquiring and developing a commercial banking platform.
Sign up at EasyStockAlerts for free to see your stock news before it breaks to the rest of the public!
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