Heartland Payment Systems, Inc.NYSE
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  • Dec. 31, 2015, 2:48 PM
    • Piper Jaffray has downgraded Heartland Payment Systems (NYSE:HPY), saying the emergence of another bidder to compete with Global Payments (NYSE:GPN) is unlikely.
    • Earlier this month, Global Payments announced an acquisition plan to take over Heartland for $4.3B in cash and stock. The deal valued Heartland at $100/share.
    • Piper has downgraded Heartland to Neutral, but bumped its price target to that per-share price ($100).
    • Heartland shares closed yesterday at $95.34, implying just short of 5% upside in a successful deal.
    | Dec. 31, 2015, 2:48 PM
  • Dec. 15, 2015, 4:33 PM
    • It's a cash and stock deal with Heartland Payment (NYSE:HPY) owners receiving 0.6687 shares of Global Payments (NYSE:GPN) and $53.28 in cash for each share of HPY they hold, thus valuing HPY at $100 per share vs. today's close of $85.16.
    • Global Payments sees the deal as being mid-single digit accretive to cash EPS in fiscal 2017, and double-digit accretive thereafter. The company expects at least $50M in synergies in fiscal 2017, and $125M annually thereafter. Closing is expected in fiscal 2016 Q4.
    • A conference call is set for 5 ET
    • HPY +10.4% to $94 after hours. GPN -4.3%.
    | Dec. 15, 2015, 4:33 PM
  • Dec. 10, 2015, 1:28 PM
    • Heartland Payment Systems (HPY +13.6%) popped after Bloomberg reported that the company is in talks with Global Payments (GPN +3.7%) over a buyout.
    • Sources indicate that a deal could be announced this month.
    • Both HPY and GPN trade at a 52-week high.
    | Dec. 10, 2015, 1:28 PM | 3 Comments
  • Oct. 30, 2015, 7:46 AM
    • Heartland Payment Systems (NYSE:HPY) acquires Digital Dining for an undisclosed amount.
    • Digital Dining is a provider of point-of-sale systems for the restaurant industry.
    | Oct. 30, 2015, 7:46 AM