When It Rains It Pours

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.

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