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Collective Brands (NYSE:PSS), the parent company for Payless, is reportedly about to cut a deal for the sale of the whole company. If a deal happens, it will likely be around $20/share. Sources are saying rival Wolverine Worldwide (NYSE:WWW) is the most well prepared to make a bid and would be interested in buying all of the company’s brands rather than picking and choosing.
Don’t Miss: J.C. Penney Re-imagined.
Indiana Community Bancorp (NASDAQ:INCB) shares skyrocket after agreeing to sell to Old National Bancorp (NYSE:ONB). A $79 million all-stock merger has been struck. Also INCB reported fourth quarter earnings this morning, which easily beat analysts’ expectations as net charge-offs and loan losses dropped.
Roche’s (RHHBY.PK) $5.7 billion hostile offer for Illumina (NASDAQ:ILMN) is built on a loophole. In Illumina’s takeover, Roche will be able to vitiate ILMN’s provision for a staggered board by simply proposing to amend the by-laws at the next annual meeting to add another two Roche-sponsored directors. This is a scenario it completed successfully in its 2007 bid for Ventana.
Don’t Miss: No More Child’s Play for THQ.
J.C. Penney Re-imagined
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