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Jul. 23, 2013, 12:45 PM
Jul. 23, 2013, 9:58 AMCIT Group (CIT +1.8%) could be worth $60-$70 per share in a merger, says Sterne Agee, based on what CapitalSource (CSE +20.9%) obtained last night in its sale to PacWest (PACW +6.5%). The CSE deal is an interesting blueprint for catalyzing more M&A activity, says Hedgeye's Josh Steiner, noting earnings accretion of 9.4% in 2014 and 18% in 2015 (investor presentation). "Win/Win." Indeed. | Comment!
Jul. 23, 2013, 9:15 AM
Jul. 22, 2013, 6:01 PMCapitalSource (CSE) and PacWest Bancorp (PACW) agree to a merger valued at ~$2.3B, creating the sixth largest publicly-owned bank headquartered in California. CSE shareholders will receive $2.47 in cash and 0.2837 shares of PACW common stock for each share of CSE common stock. CSE +12.4% AH. | Comment!
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