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In The Marketplace
Ag Services of America, Inc. of Cedar Falls, IA has announced that Rabobank International, the corporate and investment banking arm of the Netherlands-based Rabobank Group, has entered into a definitive agreement to acquire the company. Under the terms of the agreement, Rabobank would purchase 100% of the common stock of Ag Services in an all-cash transaction, at a price of $8.50 per common share of the company's stock, a premium of approximately 39% over the closing price of $6.12 on Oct. 31, 2003. This price values the total issued shares of Ag Services at approximately $47 million. The acquisition is anticipated to close on or about Dec. 31, 2003, subject to Ag Services shareholder approval and Dutch Central Bank approval. This acquisition is a part of Rabobank's strategy of expanding its retail banking and agricultural lending business to the most promising markets around the world. This purchase follows other recent U.S. acquisitions including VIB Corp of California and Lend Lease Agri-Business of St. Louis, MO. Ag Services provides operating credit to producers and administers financing programs for input retailers and suppliers in agricultural markets throughout the central United States. For the 2003 crop season the company originated approximately $265 million in loans and had 116 employees.
Bank of America Corporation of Charlotte, NC and FleetBoston Financial Corporation of Boston have announced a definitive merger agreement. The merger, to be accomplished through a stock-for-stock transaction, establishes a new Bank of America that will have $68 billion in shareholders' equity. It has been reported that these two companies have generated $10 billion in earnings in the first 9 months of 2003. Charles K. Gifford, currently chairman and chief executive officer of FleetBoston, will be chairman of the board of directors of the merged company from Boston. Kenneth D. Lewis, currently chairman and chief executive officer of Bank of America, will be chief executive officer and will maintain his principal office in the combined company's headquarters in Charlotte.
Bingham McCutchen of San Francisco has announced that three veteran finance attorneys have joined the firm. Peter H. Carson, Pamela J. Martinson and Bradley C. Crawford, all formerly of Cooley Godward, have joined Bingham McCutchen's San Francisco office as partners in the firm's finance group. Martinson will share her time in the firm's Silicon Valley office.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.