Capital Bank (NASDAQ:CBF) is buying CommunityOne Bancorp (NASDAQ:COB) for about $350M, with COB owners to receive $14.25 per share in cash or 0.43 of a share of Capital Bank Class A common stock. COB closed on Friday at $13.84.
The price works out to 1.3x tangible book value, and Capital Bank estimates single-digit EPS accretion next year (excluding merger charges), double-digit in 2017, and an estimated book value earn-back period of about 2.3 years.
The CVRs had been issued to former shareholders of Southern Community Financial Corporation when Capital Financial (NASDAQ:CBF) acquired it in October 2012. CBF will pay $1 each for the CVRs, plus another $0.03 to those who delivered their consent prior to March 13.
The company also announces an additional share repurchase of up to $100M of common stock, or about 7.6% of the float at today's closing price.
Intrexon (XON) +4.8% AH after David Einhorn's Greenlight Capital reveals it opened a ~2.1M-share position in the biotech company that went public in August. (13F)
Greenlight also started positions in NVR and Tempur Sealy (TPX), and added large stakes in WPX Energy (WPX) and Spirit AeroSystems (SPR); it closed positions on Oaktree Capital (OAK), State Bank Financial (STBZ) and Capital Bank Financial (CBF), while selling 20% of its shares in Rite Aid (RAD).
Its biggest positions are still in Apple (AAPL), 21.1% of the portfolio; GM, 11.3%; and Marvell Technology (MRVL), 9.4%.