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BUSINESS
October 22, 1996
They make missiles, warplanes and space vehicles, but no longer does Lockheed Martin Corp. supply a healthy percentage of the rocks and minerals used across the country in more Earth-bound construction work.The Bethesda defense giant announced yesterday that it had completed a stock swap that purged it of Martin Marietta Materials Inc., of Raleigh, N.C."Obviously, their core business is defense, and they decided to spin off this business to shareholders," said industry analyst Stuart McCutchan, who publishes a newsletter called Defense Mergers & Acquisitions.
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BUSINESS
By JAY HANCOCK | October 16, 2002
WILL Constellation Energy's Mayo Shattuck try to take over his struggling rival, Hagerstown-based Allegheny Energy? Of course, he would probably like to. Of course, he isn't talking about it. Of course, Wall Street is. "I've heard rumors that Mayo called up there" to Allegheny, says Christopher Ellinghaus, an energy analyst with Williams Capital in New York. "The rumor I heard was that the call was not returned." Wall Street merger gossip, to belabor the obvious, does not always coincide with reality.
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BUSINESS
By David Conn and David Conn,Sun Staff Writer | July 28, 1994
Paradigm Industries Inc., a Baltimore start-up company that makes high-intensity outdoor lighting equipment, announced it has purchased a small California company in a $4 million stock swap.Paradigm merged with Photo Acoustic Technology, a publicly traded firm in West Lake Village, Calif., just north of Los Angeles. Photo Acoustic makes devices to test contaminants on surfaces such as those on rockets and space shuttles.The merger, completed June 27th, will give Paradigm access to Photo Acoustic's U.S. government contacts, a promising market for Paradigm's products, according to its president and co-founder, Richard B. Pazornik.
BUSINESS
By Julie Bell and Julie Bell,SUN STAFF | January 5, 2002
MedImmune Inc.'s $1.56 billion acquisition of vaccine developer Aviron has passed a key antitrust hurdle, clearing the way for its approval should a majority of Aviron stockholders tender their shares in favor of the deal by midnight Wednesday. The Gaithersburg pharmaceutical company said yesterday that a 30-day waiting period had expired without the Justice Department or Federal Trade Commission objecting to the deal on antitrust grounds, clearing the way for the acquisition. The deadline for Aviron shareholders to tender their shares could be extended.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | June 3, 2000
Mercantile Bankshares Corp. said yesterday that it has reached a definitive agreement to acquire the Bank of Fruitland in a stock swap valued at $36 million. The acquisition beefs up Mercantile's presence along the Eastern Shore. Bank of Fruitland has $146 million in assets and operates seven branches, four of them in Salisbury. The bank will be merged into Mercantile's Peninsula Bank, which has 24 offices on Maryland's Eastern Shore. "This is a nice fill-in to shore up the presence we have through Peninsula Bank," said David E. Borowy, head of investor relations at Baltimore-based Mercantile, Maryland's largest independently owned banking company, with $8 billion in assets.
BUSINESS
By New York Times News Service | October 6, 1994
Union Pacific Corp. offered yesterday to acquire Santa Fe Pacific Corp. for $3.4 billion, in a move that could scuttle the previously announced merger of Santa Fe and Burlington Northern Inc.Because of the overlap of Union Pacific and Santa Fe on many routes, the surprising offer by Union Pacific is expected to raise antitrust problems that could block its approval.Thus, industry analysts said, Union Pacific may be playing the role of the spoiler to the proposed Santa Fe-Burlington Northern merger, which would have displaced Union Pacific as the nation's largest railroad.
BUSINESS
By Bloomberg Business News | December 4, 1992
RICHMOND, Va. -- Crestar Financial Corp. stock was up more than 10 percent yesterday as rumors spread that Wachovia Corp. was prepared to make a bid for the Virginia-based bank.Crestar was up $3.50, to $37.75, during the day before closing up 37.5 cents a share at $34.625. Nearly 1.3 million shares changed hands, compared with its three-month daily average of 158,000 shares.Both companies declined to comment, although traders, analysts and arbitrageurs say there was speculation that Wachovia was poised to offer Crestar between $45 and $50 per share, as much as $1.65 billion.
BUSINESS
By Bloomberg Business News | June 24, 1995
NEW YORK -- U.S. stocks fell from record highs yesterday as a surprisingly strong reading on May factory orders called into question a hoped-for interest rate cut and sent bond prices lower. Shares of banks were among the biggest decliners.Signs the economy isn't slowing mean the Fed has less reason to lower rates when its policy making panel meets in July. Many investors have bought stocks on the expectation that rates would fall, borrowing costs for businesses and consumers would decline and corporate profits would rise.
BUSINESS
By JAY HANCOCK | October 16, 2002
WILL Constellation Energy's Mayo Shattuck try to take over his struggling rival, Hagerstown-based Allegheny Energy? Of course, he would probably like to. Of course, he isn't talking about it. Of course, Wall Street is. "I've heard rumors that Mayo called up there" to Allegheny, says Christopher Ellinghaus, an energy analyst with Williams Capital in New York. "The rumor I heard was that the call was not returned." Wall Street merger gossip, to belabor the obvious, does not always coincide with reality.
BUSINESS
By Timothy J. Mullaney | August 14, 1991
Kirschner Medical Corp. has been slapped with an arbitration action for allegedly duping the former owners of a Kirschner subsidiary, who sold their company to Kirschner in 1989 in exchange for Kirschner stock whose value plummeted as Kirschner posted big losses in 1989 and 1990.In a filing with the U.S. Securities and Exchange Commission, the Timonium-based medical equipment manufacturer said that it has done nothing wrong and intends to fight the complaint. "We have nothing additional to say," said John Barham, a company spokesman.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | June 3, 2000
Mercantile Bankshares Corp. said yesterday that it has reached a definitive agreement to acquire the Bank of Fruitland in a stock swap valued at $36 million. The acquisition beefs up Mercantile's presence along the Eastern Shore. Bank of Fruitland has $146 million in assets and operates seven branches, four of them in Salisbury. The bank will be merged into Mercantile's Peninsula Bank, which has 24 offices on Maryland's Eastern Shore. "This is a nice fill-in to shore up the presence we have through Peninsula Bank," said David E. Borowy, head of investor relations at Baltimore-based Mercantile, Maryland's largest independently owned banking company, with $8 billion in assets.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | September 29, 1999
Columbia Bancorp said yesterday that it has signed a definitive agreement to acquire Suburban Bancshares Inc. of Greenbelt in a stock swap valued at $33.9 million. The deal, which is expected to close in the first quarter next year, would boost Columbia's assets by $222.6 million to $679.8 million, and add eight branches, giving it 23 locations in Howard, Prince George's, Baltimore and Montgomery counties. The companies said there is little overlap in the branches and none will be closed.
BUSINESS
By Mark Ribbing and Mark Ribbing,SUN STAFF | November 25, 1998
In a widely anticipated merger of two of the world's most prominent Internet companies, America Online Inc. said yesterday that it has agreed to buy Netscape Communications Corp. in a stock swap initially valued at slightly more than $4 billion.The companies said their merger would allow them to offer improved Internet service and handle a greater share of the Internet's growing commercial traffic, known as electronic commerce or e-commerce.The merger spells the end of the independent existence of Netscape, which became the world's top provider of the browsers that help users get around the Internet.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | January 8, 1997
HFS Inc. said yesterday that it would buy back up to 2.6 million shares as a drop in the company's stock price threatened the value of its offer for PHH Corp. of Hunt Valley.As HFS, of Parsippany, N.J., announced the move, its shares dipped below $60 before rallying to close at $60.875.If the average price of HFS stock falls below $60, PHH shareholders will get less than HFS' offer of $49.50 per share.PHH said it did not expect a drop in HFS' stock price to disrupt the companies' plans. "Both managements are committed to seeing the merger go through," said Virginia Shelley, PHH's director of investor relations.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | October 31, 1996
Prime Retail Inc. reported operational income yesterday of $9.4 million for the period ended Sept. 30, besting its previous third-quarter performance by more than one-third.The Baltimore-based real estate investment trust attributed the increase in funds from operations before allocations to preferred shareholders and minority interests to the debut of new and expanded retail outlet center projects, an exchange of preferred stock for common and a significant debt refinancing.Specifically, Prime Retail arranged a $260 million loan commitment from Nomura Asset Capital Corp.
BUSINESS
October 22, 1996
They make missiles, warplanes and space vehicles, but no longer does Lockheed Martin Corp. supply a healthy percentage of the rocks and minerals used across the country in more Earth-bound construction work.The Bethesda defense giant announced yesterday that it had completed a stock swap that purged it of Martin Marietta Materials Inc., of Raleigh, N.C."Obviously, their core business is defense, and they decided to spin off this business to shareholders," said industry analyst Stuart McCutchan, who publishes a newsletter called Defense Mergers & Acquisitions.
BUSINESS
By Ian Johnson and Ian Johnson,New York Bureau | September 23, 1993
NEW YORK -- In a move that could cap Sandy Weill's power drive back to the top of the financial serv- ices industry, Primerica Corp. said yesterday that it is negotiating a $5 billion merger with The Travelers Corp.The move would involve a swap of stock between Sanford I. Weill's Primerica and The Travelers, one of the nation's largest insurance and financial management companies and also owner the Dillon, Read & Co. investment firm. The new company would keep the better-known name of The Travelers, have annual sales of $6 billion and offer services ranging from selling stock to insuring homes.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | September 29, 1999
Columbia Bancorp said yesterday that it has signed a definitive agreement to acquire Suburban Bancshares Inc. of Greenbelt in a stock swap valued at $33.9 million. The deal, which is expected to close in the first quarter next year, would boost Columbia's assets by $222.6 million to $679.8 million, and add eight branches, giving it 23 locations in Howard, Prince George's, Baltimore and Montgomery counties. The companies said there is little overlap in the branches and none will be closed.
BUSINESS
By Bloomberg Business News | June 24, 1995
NEW YORK -- U.S. stocks fell from record highs yesterday as a surprisingly strong reading on May factory orders called into question a hoped-for interest rate cut and sent bond prices lower. Shares of banks were among the biggest decliners.Signs the economy isn't slowing mean the Fed has less reason to lower rates when its policy making panel meets in July. Many investors have bought stocks on the expectation that rates would fall, borrowing costs for businesses and consumers would decline and corporate profits would rise.
BUSINESS
By New York Times News Service | October 6, 1994
Union Pacific Corp. offered yesterday to acquire Santa Fe Pacific Corp. for $3.4 billion, in a move that could scuttle the previously announced merger of Santa Fe and Burlington Northern Inc.Because of the overlap of Union Pacific and Santa Fe on many routes, the surprising offer by Union Pacific is expected to raise antitrust problems that could block its approval.Thus, industry analysts said, Union Pacific may be playing the role of the spoiler to the proposed Santa Fe-Burlington Northern merger, which would have displaced Union Pacific as the nation's largest railroad.
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