Alliance Financial (NASDAQ:ALNC) and NBT Bancorp (NASDAQ:NBTB) have reached a definitive agreement through which Alliance will merge with and into NBT, in a transaction worth approximately $233.4 million, and should close in the second quarter of 2013. The merger further expands NBT’s footprint into markets located in the New York counties of Madison, Cortland, Oneida, Onondaga and Oswego. It will also provide NBT with the addition of $1.4 billion in assets, among which include $890 million in net loans held for investment, along with $1.1 billion in deposits. Through the terms, each outstanding share of Alliance common stock will be converted into the right to receive 2.1779 shares of NBT common stock upon completion. The transaction is valued at $48 per Alliance share, based on NBT’s average closing share price of $22.04 for the five-day trading period ending on Oct. 5th. Shares closed up 16.19 percent on the day at $45.79, having been traded in a 52-week range of $27.55 to $41.85.
Culp (NYSE:CFI) reports that the United States Copyright Office has granted copyright protection for its Palance fabric design, with the effective date of the copyright registration as August 8, 2011. The firm is also in the process of recording its copyright registration with the United States Customs & Border Protection, so that United States Customs can target and seize imports of fabrics and furniture that infringe the design. Shares closed up 0.25 percent on the day at $12.13, and have been traded in a 52-week range of $7.67 to $12.24.
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Eli Lilly And Company (NYSE:LLY) says that its analysis indicated that primary endpoints, both cognitive and functional, were not met in the phase 3, double-blind, placebo-controlled solanezumab Expedition trials in patients suffering mild-to-moderate Alzheimer’s disease. In Lilly’s pre-specified secondary evaluation of pooled data in patients with mild Alzheimer’s disease, a statistically significant slowing down of cognitive decline was exhibited. This finding marked a 34 percent decrease in decline. Independent analyses of Expedition studies conducted by the ADCS were generally similar to Lilly’s top-line results reported on August 24th. The company indicated that its next steps for solanezumab will be decided following discussions with regulators. Shares closed up 5.29 percent on the day at $50.78, having been traded in a 52-week range of $35.46 to $48.95.
Marathon Petroleum Corporation (NYSE:MPC) will acuire BP’s (NYSE:BP) 451,000 barrel per day Texas City refinery, three intrastate NGL pipelines which originate at the refinery, four terminals, an allocation of BP’s Colonial Pipeline Company shipper history, retail marketing contract assignments for about 1,200 branded sites and a 1,040 megawatt cogeneration facility. The base purchase price amounts to $598 million, in addition to inventories estimated to be worth $1.2 billion. The transaction also contains an earnout provision through which Marathon could pay as much as an additional $700 million over six years, under certain conditions. The acquisition should be accretive to earnings in the first year of operation, and is expected to be funded with cash on hand, closing early in 2013. Shares closed up 5.56 percent on the day at $57.92, and have traded in a 52-week range of $30.24 to $56.92.
Grupo Aeroportuario del Pacifico (NYSE:PAC) reports that last month, its total terminal passengers rose by 6.7 percent year-over-year. In the same period, domestic passenger traffic increased 8.9 percent while international passenger traffic moved up by 1.4 percent compared to September 2011. Shares closed up 2.56 percent on the day at $43.65, having been traded in a 52-week range of $32.05 to $44.08.