Tuesday, June 27, 2006

Hit #103

Michigan based Citizens Bank is buying fellow banker Republic Bancorp (RBNC) for $1.05 billion in a 15% cash / 85% stock deal. The buyout values Republic at $13.86/share, a 20.4% premium over my average cost per share of $11.51. The cost basis takes into account dividends and splits.

I will be holding onto Citizens Bank stock that I get, as it is reasonably valued today, yielding more than 4% and will itself become a target.

Previous hit - Univision (#102)


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