I guess the M&A folks are trying to get another deal done before year end. Me … nope, not complaining – well maybe a little. Less than a month ago I added PULB to my stable of potential takeover plays. And surprised I was to get a headline announcing they were being taken out by First Busey (BUSE). Geez … I didn’t even get my first dividend check. Another of my holdings, USB, is providing the financing.
So to break out the benefits – it’s an all stock transaction:
- .79 sh of BUSE for every PULB share.
With PULB closing at 17.01 and BUSE closing at 21.82 this represents about a 1.5% premium – less than the normal premium. But considering this is an annualized 11.25% ROI – my guess is I’ll take the deal but hope for a sweetener.