On Tuesday, Shares of Symetra Financial Corporation (NYSE:SYA), gained 6.71% to $31.50, hitting its highest level.
Symetra Financial Corporation declared that it has reached a definitive merger agreement with Sumitomo Life Insurance Company following which Sumitomo Life will acquire all of the outstanding shares of Symetra. Symetra shareholders will receive $32.00 per share in cash at closing, plus a formerly declared special dividend of $0.50 per share in cash, which is payable on August 28, 2015 to Symetra shareholders of record as of August 10, 2015. The amount of the special dividend was established in connection with the determination of the total combined transaction consideration. The total combined transaction consideration of $32.50 per share is about $3.8 billion in aggregate and represents a 32% premium over Symetra’s average stock price of $24.64 for the 30 days ending August 5, 2015.
Sumitomo Life, founded in 1907 and headquartered in Tokyo and Osaka, Japan, is a leading life insurer in Japan with multi-channel, multi-product life insurance businesses. Sumitomo Life provides traditional mortality life insurance, nursing care, medical care and retirement plans through sales representatives, insurance outlets, the Internet and bancassurance. As of March 31, 2015, Sumitomo Life had $229 billion in assets, about 6.8 million customers and 42,000 employees.
Symetra Financial Corporation, through its auxiliaries, provides products and services that serve the retirement, employee-based benefits, and life insurance markets in the United States and the District of Columbia.
Shares of Baxalta Incorporated (NYSE:BXLT), declined -2.69% to $38.72, during its last trading session.
Baxalta Incorporated has been notified of an unsolicited “mini-tender” offer by TRC Capital Corporation (TRC) to purchase up to 3 million shares, or about 0.44 percent, of Baxalta’s outstanding common stock at a price of $35.45 per share in cash. The offer price was 4.45 percent below the $37.10 closing price of Baxalta’s common stock on August 4, 2015, the day preceding to the offer. TRC communicated that their offer is subject to a number of conditions, counting TRC’s ability to obtain financing necessary to consummate the offer.
Baxalta does not endorse TRC’s mini-tender offer and recommends that shareholders do not tender their shares. Baxalta is not associated with this offer and urges shareholders to obtain current market quotations for their shares, consult with their financial advisors, review the conditions to the offer and exercise caution.
According to TRC’s offering documents, shareholders who have already tendered their shares may withdraw their shares at any time preceding to 12:01 a.m. New York City time, on Thursday, September 3, 2015, by following the procedures described in the offering documents.
Baxalta Incorporated, a biopharmaceutical company, develops, manufactures, and markets a portfolio of products primarily for the treatment of hematology and immunology worldwide. It also offers other therapies for the treatments of bleeding disorders, and chronic and acute medical conditions, counting hemophilia A, hemophilia B, attained hemophilia, inhibitor treatments, primary immunodeficiency (PID), and alpha-1 antitrypsin deficiency.
Finally, Jive Software, Inc. (NASDAQ:JIVE), ended its last trade with 1.27% gain, and closed at $3.99.
Jive Software named Jeff Lautenbach as its new president of worldwide field operations. Lautenbach will lead the company’s sales, business development and indirect channels around the globe, with a focus on accelerating Jive’s growth and advancing its position as the world’s leading provider of modern communications and partnership solutions for business.
Lautenbach brings extensive experience in building cloud and SaaS businesses to scale and leading direct and indirect teams, counting tours at both Salesforce.com, where he ran commercial sales for North America, and SAP, where he was responsible for the global CRM business. He also spent nearly 20 years with IBM, leading over 1,300 sales and technical professionals that supported IBM’s software customers. In addition, Lautenbach most recently served as chief revenue officer at hc1.com, where he led all go-to-market strategies for the rapidly growing cloud healthcare relationship administration company. Lautenbach will join Jive August 25 and report directly to Steele.
Jive Software, Inc. provides communication and partnership solutions to businesses, government agencies, and other enterprises. The company’s Jive Platform allows companies to connect, communicate, and collaborate with employees, customers, and partners.
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