Mergers and Acquisitions: Bank of America Gets Desperate, Disney Babbles
Bank of America (NYSE:BAC) has reached a deal they say will generate roughly $2.9B in Tier 1 capital. Selling the bulk of its remaining stake, 10.4B shares to a group of investors in China Construction Bank, will boost its Tier1 capital ratio by 24 bps. The end result will be a post-tax gain of $1.8B.
VeriFone (NYSE:PAY) acquires Point for $820M; expected to close in Q4. The European e-payments company adds a slew of acquisitions aimed at gaining an edge in the payments space. CEO Douglas Bergeron says the Point platform will allow service providers to accept all types of payments globally.
Investing Insights: Here’s Why Goldman Sachs is Staying Long Gold.
Disney (NYSE:DIS) is acquiring and plans to integrate Babble Media with its existing family-focused content. Babble Media is a leading on line parenting platform, which features over 200 blogging moms. Disney paid in between $40-$45M, according to a source from Babble.
China GrenTech (NYSE:GRRF) has a bid placed on its remaining stake that values the company at $73.4M. Board CEO plans to purchase the remaining stake in the company, the company which he does not already own. His offer of $3.10 share places a 21% premium on Friday’s $2.56 closing price.
Tyco International (NYSE:TYC) avoided to rumor mill while avoiding making a definitive answer to the question of whether it was true Siemens (NYSE:SI) is bidding for the acquisition of the company. Bid by global powerhouse may throw a huge wrench in TYC’s plans to split three ways.