Oh YEAH MSOF is going to be a good one shhhh ... SRGE just came out in a news release briefing.
(COMTEX) B: Executive Business Briefing
B: Executive Business Briefing
Here's a look at today's top business stories:
Today is Thursday, Dec. 2nd.
D&B to close Business Education unit
(MURRAY HILL, N.J.) _ Dun & Bradstreet, citing a slowdown in seminars,
said it plans to close its Business Education Services unit, effective
at the end of February 2000. The unit, based in New York City, has
presented public seminars on time management, supervisory skills
development and other training programs since 1960. D&B cited a
continuing slowdown in the marketplace for public seminars as the
reason behind the closure, which will be implemented over a three-month
period starting today. During this time, Dun & Bradstreet said BES
plans on conducting all scheduled seminars for which there is
sufficient interest.
Webster Bank buys Mechanics Savings
(WATERBURY, Conn.) _ Webster Financial Corp. has reached a definitive
agreement to acquire MECH Financial Inc., the holding company for
Mechanics Savings Bank, in a tax-free, stock-for-stock exchange valued
at approximately $210 million. Mechanics Savings is a state-chartered,
Hartford-based savings bank with $1.1 billion in assets and 16 branch
offices in the capital region. Under terms of the deal, Mechanics
shareholders will receive 1.52 shares of Webster common stock for each
share of Mechanics they hold.
Webster expects to record after-tax acquisition related charges of
$10.9 million for the transaction.
USG buys Sybex
(CHICAGO) _ USG Corp. said it has reached an agreement to acquire Sybex
Inc., the holding company of Beadex Manufacturing Co. and Synkoloid Co.
of Canada. The two are leading paper faced metal corner bead and joint
treatment businesses. The acquisition will provide USG with industry
leading products that increase contractor productivity, a key element
of USG's growth strategy, and allow USG to extend its presence in
drywall systems into Western North American markets. Terms of the
agreement were not disclosed.
USG said the deal will complement its new wallboard plant in Rainier,
Oregon and demonstrates its commitment to the Western markets. The
plant is under construction and scheduled to open at the end of next
year.
Morgan Stanley buys Graystone Partners
(NEW YORK) _ Morgan Stanley Dean Witter & Co. said its Morgan Stanley &
Co. unit acquired Graystone Partners LP, a provider of investment
advice to wealthy U.S. families, for undisclosed terms. Graystone
Partners, based in Chicago, has assets in excess of $100 million.
Morgan Stanley said the acquisition is 'part of a continuing plan to
provide objective advice to the very high net worth families and
individuals Morgan Stanley serves through the Private Wealth Management
Division.'
Surge Components buys Global Datatel
(DEER PARK, N.Y.) _ Surge Components Inc. has agreed to acquire all of
the assets of Global Datatel including its wholly owned subsidiary
eHola.com. and all other subsidiaries. Upon completion, Global
Datatel/eHola will operate as a wholly owned subsidiary of the parent
corporation, Surge Components. Financial terms of the deal were not
disclosed and are expected to be announced upon closing and completion
of final audits and due diligence.
PNC completes First Data deal
(PITTSBURGH) _ PNC Bank Corp. said it has completed the acquisition of
First Data Investor Services Group, a leading provider of services to
mutual funds and retirement plans. PNC said ISG will be integrated with
PFPC, its global fund services subsidiary. The transaction, valued at
$1.1 billion, will be accounted for as a purchase and is expected to be
less than 1 percent dilutive to GAAP earnings per share in the first
year and accretive thereafter. On a cash basis, the transaction is
expected to be substantially accretive to earnings per share
immediately.
Nutrition For Life completes Ash deal
(HOUSTON) _ Nutrition For Life International said it has finalized the
acquisition of Ash Corp. through its wholly owned subsidiary Bactolac
Pharmaceutical Inc. Ash will be operated as a stand-alone division of
Bactolac. Financing for the deal was provided through an arrangement
with GE Capital Corp. which included a term loan and a revolving credit
facility. The purchase price for Ash consisted of $750, 000 in cash, a
note payable in the amount of $500,000, and 49,296 shares of
convertible preferred stock.
Additionally, up to 105,634 convertible preferred shares may be issued
pursuant to an earnout agreement. Each share of the preferred stock
will automatically convert into 10 common shares upon NFLI shareholder
approval. NFLI paid approximately $3.1 million of Ash liabilities.
Eagle-Picher buys Isonics product line
(GOLDEN, Colo.) _ Isonics Corp. and privately held Eagle-Picher
Technologies LLC jointly announced that Eagle-Picher has acquired
Isonics depleted-zinc business line for $8.2 million, $6.7 million cash
at closing and contingent cash payments of $500,000 per year for three
years. The two compnaies also announced they have signed a ten-year
isotope supply agreement covering silicon and carbon isotopes to be
manufactured by Eagle-Picher at its facility in Quapaw, OK, using a
proprietary manufacturing process. Additionally, Eagle-Picher has
negotiated a warrant to acquire Isonics common stock in exchange for
200 kilograms of isotopically pure silicon-28 to be delivered in 2000.
Deutsche Bank buys Chase unit
(NEW YORK) _ Deutsche Bank AG, through its wholly owned subsidiary
Bankers Trust Co., said its Global Institutional Services division has
completed its previously announced acquisition of the Dutch Auction
business of The Chase Manhattan Bank. Terms of the transaction were not
disclosed. Under the agreement, announced on October 25, approximately
150 accounts with outstanding principal in excess of $10 billion, for
which Chase served as Dutch Auction Agent, have been acquired by
Deutsche Bank.
Real thrills from pretend trading
(NEW YORK) _ Want to make a few thousand dollars trading Internet
stocks _ without risking any of your own money? This may sound like yet
another e-mail scam, but there is an honest way to achieve such a goal.
All you have to do is win one of the stock market games that are
proliferating across the Web.
According to MarketPlayer.com, which has more than 70,000 gamers on its
own site and also runs contests for sites such as America Online and
ETrade, the top two reasons people say they play are to learn about
investing without risking their own money and to have fun. Out of five
reasons for playing, the chance to win a prize came in last. The danger
is these games might push a player who has a good month to use real
money the next time. _-
Questions? Call 212-583-1869 _-
UPI New York
_-
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