Citizens to be ACQUIRED by First Merit and 2 Stocks Riding 52-Week Highs
Citizens Republic (NASDAQ:CRBC) along with FirstMerit (NASDAQ:FMER) have entered into a definitive agreement beneath which FirstMerit is to acquire Citizens via a stock-for-stock transaction valued at about $912 million, which is based on FirstMerit’s average ten-day closing stock price that ended on September 12. Beneath the agreement’s terms, Citizens’ shareholders are to be given a fixed 1.37 shares of FirstMerit common stock for each share of Citizens’ common stock given. Based on FirstMerit’s average ten-day closing stock price that ended on September 12, The implied value of a Citizens’ share equals about $22.50. The combined company will possess nearly $24 billion in total assets, $15 billion in loans, and $19 billion in deposits when the transaction is finished. The shares closed at $19.99, up $0.12 or 0.6% on the day. They have traded in a 52-week range of $6.11 to $20.82.
Walt Disney Company (NYSE:DIS): Arbitron (NYSE:ARB) along with comScore (NASDAQ:SCOR) have entered into an an agreement for the development of a five-platform measurement initiative delivering persons-level insights via the integration of the complementary resources of both companies, meaning the census and panel-based PC, mobile and TV set-top box measurement capabilities of comScore paired with the improved, single-source, multiplatform measurement capabilities of the Arbitron Portable People Meter technology. Disney’s ESPN has the intention of collaborating on the design of this initiative as its charter client. The shares closed at $52.60, up $0.9 or 1.74% on the day. They have traded in a 52-week range of $28.19 to $52.00.
Equinix (NASDAQ:EQIX) has stated that in accordance with tax rules that are applicable to REIT conversions, it plans to issue a special distribution to shareholders of Equinix of undistributed accumulated earnings and profits totaling $700 million to $1.1 billion, which is to be paid out by as much as 20 percent in cash and a minimum of 80 percent in the company’s common stock. The comany will wait until after receiving a favorable private letter ruling from the IRS to make the E&P distribution, and it believes it will make the majority of the portion of its E&P distribution prior to 2015, with the balance distributed in 2015. Also, after the REIT conversion is completed, Equinix will declare regular distributions to its shareholders. The shares closed at $200.50, up $13.95 or 7.48% on the day. They have traded in a 52-week range of $82.43 to $203.16.
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