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Susquehanna Bancshares (Nasdaq: SUSQ) $8.34 and Tower Bancorp (Nasdaq: TOBC) $20.37. Today jointly announced the signing of a definitive agreement under which Susquehanna will acquire all outstanding shares of Tower common stock in a stock and cash transaction.
Including Susquehanna's pending acquisition of Abington Bancorp, the combined company will have approximately $17.8 billion in assets and will be the largest bank in deposit market share and branch count among independent banks that have more than 90% of their deposits in Pennsylvania, Maryland and New Jersey. Susquehanna will be the largest community bank in Pennsylvania after the mergers of Tower and Abington are closed. The combined company will also secure Susquehanna a top three market-share position in 14 of the counties it serves.
The transaction, with an approximate total value of $343 million, is expected to be completed in the first quarter of 2012. Under the terms of the agreement, Tower shareholders will have the option of receiving either 3.4696 shares of Susquehanna common stock or $28.00 in cash for each share of Tower common stock, with $88 million of the aggregate consideration being paid in cash. Based on closing prices of Susquehanna’s and Tower’s common stock on June 17, 2011, this represents a premium of 41.0% over Tower’s closing price on such date. Upon completion of the transaction, Samuel will become President and Chief Revenue Officer of Susquehanna. Additionally, Samuel and two other current Tower directors will be appointed to the Susquehanna Board. Jeffrey Renninger, Tower President and Chief Operating Officer, and Janak Amin, Graystone Tower Bank CEO, will each assume senior management positions at Susquehanna Bank.
What They Do: Tower Bancorp, Inc. is the parent company of Graystone Tower Bank, a full-service community bank operating 49 branch offices in central and southeastern Pennsylvania and Maryland through three divisions, Graystone Bank, Tower Bank, and 1N Bank.
Pfizer Inc. (NYSE: PFE) $20.27. Today announced that top-line results for Lyrica Study A0081107 – Central Neuropathic Pain Following Spinal Cord Injury – demonstrated that the study met its primary endpoint: positive efficacy in reducing Central Neuropathic Pain following Spinal Cord Injury with Lyrica (pregabalin) compared to placebo. Further analysis will be conducted on these initial results.
Central Neuropathic Pain is a heterogeneous group of pain conditions initiated or caused by a primary lesion in the central nervous system and occurs often following spinal cord injury. “We are pleased with the top-line results of this study and look forward to more fully understanding the benefit that Lyrica may bring to these patients,” said Steven J. Romano, M.D., senior vice president, Head, Medicines Development Group, Global Primary Care Business Unit, Pfizer, Inc.
What They Do: Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time.
Taleo Corporation (Nasdaq: TLEO) $34.27. Today announced that it has signed a definitive agreement to acquire Jobpartners for approximately $38 million, 26 million Euros. The acquisition expands Taleo's ability to serve customers based in Europe and makes Taleo one of the largest SaaS-based talent management vendors in the region. Taleo's acquisition of Jobpartners doubles its customers based in Europe, and more than doubles the size of its team of professionals in Europe, providing an unmatched ability to serve the customers in this region. This deal signifies Taleo's commitment to investing in growth and the strategic importance of having a strong team and established customer base in scaling a significant SaaS business.
"We have been impressed by the capabilities of the Jobpartners team and the close relationships they have built with their large and sophisticated Europe-based customers. This acquisition creates an opportunity for us to accelerate our expansion outside of North America by increasing our customer base, increasing our local sales and support capacity as well as taking advantage of the Jobpartners Eastern European development center," said Michael Gregoire, Chairman and CEO of Taleo. "With our expertise and skills, and Jobpartners' experienced employees, we have the unmatched ability to serve and expand our combined base of European customers."
More than 350 customers internationally already realize the benefits of Taleo's cloud-based talent management solutions for recruiting, performance management and learning. The combined strength of Taleo and Jobpartners make Taleo a global leader in Europe.
What They Do: Taleo's cloud-based talent management platform unites products and an ecosystem to drive business performance through Talent Intelligence.
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