Universal Business Payment Solutions announced EarlyBirdCapital notified eparate trading of the shares of common stock and warrants underlying the units will commence on or about August 8, 2011. The common stock and warrants will be quoted on NASDAQ under the symbols UBPS and UBPSW, respectively. Units not separated will continue to be quoted on NASDAQ under the symbol UBPSU. Universal Business Payment Solutions Acquisition Corporation is a blank-check company specializing in acquiring or merging with an operating business in the payments industry.
Fiserv’s previously announced tender offer to purchase for cash any and all of its $1.0 billion outstanding aggregate principal amount of 6.125% Senior Notes due 2012 expired at 5:00 p.m. EST on June 13. If the conditions to the Tender Offer are satisfied or waived, the Company will accept for purchase and make payment for all of the 2012 Notes validly tendered and not validly withdrawn prior to the expiration of the Tender Offer, representing a total aggregate principal amount of approximately $699,802,000, tomorrow, June 14, 2011. In addition to the Total Consideration, the Company will also pay accrued and unpaid interest on the Notes purchased from the last interest payment date up to, but not including, the settlement date in the amount of $4.08 per $1,000.
FL-based BankAtlantic will award a grand prize winner two ADT Club tickets to five summer concerts as part of the BankAtlanticâs ATM âAccess to Musicâ Sweepstakes. The Grand Prize winner will receive a special gift bag of tour merchandise for each of the five concerts at the BankAtlantic Center.
Discover Financial Services priced its public offering of 54.1 million shares at $9.25 per share. The price represents a 12% discount from Monday’s close of $10.50. Discover will receive estimated net proceeds from the offering of approximately $480.3 million. The net proceeds from the offering will be used for general corporate purposes, which may include capital contributions to the companyâs subsidiary, Discover Bank, possible investments in the companyâs businesses, or possible repurchase of fixed rate cumulative perpetual preferred stock issued by Discover to the U.S. Treasury under its “Capital Purchase Program.” J.P. Morgan Securities Inc. is acting as the sole book-running manager for the common stock offering.
MN-based outdoor gear specialist Gander Mountain this week confirmed a possible theft of a Pennsylvania store computer. The Company reported that a computer from its Greensburg, PA may have been breached. The stored transaction information may have included 112,000 credit card numbers with expiration date but without any other associated information. Approximately 10,000 transaction records may have included the credit card number, expiration date and customer name. For the approximately 5,100 credit card customers who returned merchandise or did a lay-away purchase at the store during this period, the information also may have included an address. For the approximately 650 customers who purchased by check and returned merchandise without a receipt or put merchandise on lay-away by check payment, the information may have contained a name, address, driver’s license number and date of birth. The company has sent letters to the approximately 5,750 customers for whom address information is available informing them of this incident.
Ceridian and hedge fund Pershing Square Capital Management this weekend jointly announced that both parties have reached an agreement with respect to the election of directors at the upcoming annual meeting of Ceridian. Pershing Square has agreed to discontinue the proxy contest with respect to the election of directors at the annual meeting, and Ceridian has agreed that immediately following the annual meeting, the size of the Ceridian board will be increased to eleven, and three of Pershing Square’s current nominees will be appointed to the board. Fidelity National Financial and private equity firm Thomas H. Lee agreed to pay $5.2 billion for Ceridian, which includes fuel card specialist Comdata.
Hedge fund Pershing Square, which recently announced its support of the $5.2 billion cash merger between Ceridian, Thomas H. Lee Partners and Fidelity National Financial, is still carrying on its proxy fight to replace the Ceridian Board. Pershing Square also says that it now supports Ceridian’s management and desires to retain them through the closing of the merger. However, Pershing claims that it is continuing its proxy fight only so that its nominees can act as a “backstop” and take over the company in case the merger does not close. However, Ceridian is committing that in the event the merger does not close, it will hold a new election of directors within 90 days of termination of the merger agreement. Pershing Square owns about 15% of Ceridian.
Hedge fund Pershing Square is continuing its proxy battle to derail Ceridian’s proposed sale to Fidelity National Financial and private equity firm Thomas H. Lee. Pershing wants to unseat the entire board of Ceridian. Pershing Square says the deal is way undervalued and the Company is mismanaged. Ceridian yesterday responded saying Pershing Square has failed to date to present any economic proposal for the Company and its stockholders. Ceridian says Pershing Square has resorted to personal attacks. The Board recommended that Ceridian stockholders approve the pending merger and receive $36 per share in cash and vote for the Company’s slate of directors who will work to close the transaction as quickly as the agreement permits. Pershing Square owns about 15% of Ceridian.
Atlanta-based CheckFree has inked a definitive agreement to purchase Corillian for $245 million. The Portland, OR-based provider of Internet banking software and services posted revenues for 2006 of $61 million, an 24% increase over the prior year. However, the company reported a net loss for 2006 of $1.1 million, compared to net income of $2.7 million in 2005. The purchase price represents a 49% percent premium over Corillian’s Tuesday closing stock price. Corillian recently projected first quarter revenues to be in the range of $14.5 to $16.0 million. CheckFree says the combination will allow for tighter integration of electronic banking, billing, payment and service support functionality plus provide greater flexibility in technology approaches for financial institution efficiency. Corillian supports more than 30 of the top 100 U.S. banks and 21 of the top 100 U.S. credit unions. CheckFree processes more than one billion transactions annually and distributes more than 18 million e-bills per month through more than 2,000 financial services sites.
4Q/05: $15.6 million
1Q/06: $14.3 million
2Q/06: $14.6 million
3Q/06: $15.6 million
4Q/06: $16.5 million
Source: CardData (www.carddata.com)
The “Marriott Rewards” program has set up an option for its loyalty card holders to redeem points for “Marriott Gift Cheques” that are forwarded to the Red Cross for victims needing assistance paying for hotel rooms and food. The cheque will be sent to the member, who can then forward it to the American Red Cross. Marriott International owns more than 2,600 lodging properties in the United States and 65 other countries and territories with sales from continuing operations of $10 billion.
Charming Shoppes’ Spirit of America National Bank has closed a deal to acquire 1.8 million Catherines private label card accounts from Citigroup for $57 million. In 1998, Hurley State Bank, now Citibank USA, signed an agreement to run the Catherines store card program. Charming Shoppes purchased Catherines in 2000. On January 28, 2004, Catherines, Inc. exercised its rights to terminate the agreement and negotiate a definitive purchase agreement. On March 17th of this year, Spirit of America National Bank signed the purchase agreement. As of March 21st, the credit card accounts have been transferred and converted to Spirit of America National Bank’s processing system.
CIBC has received court approval of a settlement of a class action brought on behalf of CIBC VISA cardholders in Canada over foreign exchange transactions. The card issuer began publishing notices in 28 newspapers over the weekend, according to CardFlash International. Under terms of the settlement, announced in late August, CIBC VISA cardholders will be getting up to a C$14 credit by year end. CIBC agreed to a settlement of C$16.5 million, plus C$3 million to plaintiffs’ counsel, and to pay the costs of notification, administration, and distribution of the settlement funds. Up to C$13.85 million will be paid directly to cardholders in December as credits ranging from C$.72 to C$14.32. The plaintiffs, represented by Paul Pape and Harvey Strosberg, had alleged that the conversion of transactions from a foreign currency resulted in an undisclosed or inadequately disclosed mark up. This mark up was added to the VISA International wholesale conversion rate to obtain the Canadian dollar equivalent for foreign transactions. Similar lawsuits are pending in the USA.