BOSTON,
Aug. 1, Royal Bank of Canada (TSE, NYSE: RY) and Tucker
Anthony Sutro Corporation (NYSE: TA) announced they have
signed a definitive agreement by which Royal Bank will acquire
Tucker Anthony Sutro and merge it with the bank's US broker-dealer
Dain Rauscher Incorporated. The combination will create the
ninth largest full-service securities firm in the U.S. As
a result of the merger, shareholders will receive US$24 per
share in cash. The equity value of the transaction is US$625
million on a diluted basis. The transaction is expected to
close in the fall. The name of the combined entity will be
RBC Dain Rauscher. Based in Boston, Tucker Anthony Sutro is
a full-service financial services company with approximately
2,700 employees.
BOSTON,
Aug. 2, Teradyne, Inc., (NYSE: TER) announced the
signing of a definitive agreement to acquire GenRad,
Inc. (NYSE: GEN), a Westford, MA based manufacturer
of electronic automatic test equipment and related software.
Under the terms of the proposed acquisition, each outstanding
share of GenRad common stock would be converted into 0.1733
shares of Teradyne common stock. Founded in 1915, GenRad
employs about 1,300 people.
CAMBRIDGE,
Aug 7, Genzyme Corp. and privately held, NJ-based
Novazyme Pharmaceuticals Inc. announced a definitive merger
agreement under which Novazyme will be acquired by Genzyme
and operate as part of Genzyme General (Nasdaq:GENZ). Genzyme
expects that the acquisition will significantly advance
its position in the development of enzyme replacement therapies.
Under the terms of the agreement, Genzyme will acquire Novazyme
for $137.5 million, payable in shares of Genzyme General
stock. The acquisition of Novazyme will be accounted for
as a purchase transaction. Genzyme General expects the transaction
to have an impact of approximately $.03 (excluding amortization)
on its earnings-per-share for 2001.
NEWTON,
Aug. 9, Senior Housing Properties Trust (NYSE:SNH)
announced that it has entered an agreement to acquire 31
senior housing communities for approximately $600 million.
The communities are being acquired from Crestline Capital
Corporation (NYSE:CLJ). Marriott International, Inc. (NYSE:MAR)
manages all of the properties, under long-term agreements,
through 2027. At the time of the closing of this transaction,
the gross annual operating revenues of these properties
are expected to be approximately $278 million. The EBITDA
is estimated to be approximately $75 million (after deduction
of all management fees payable to Marriott) in 2001. SNH
expects that this transaction will close in early 2002.
NEWTON,
Aug. 10, Northland Investment Corporation announced
that it has purchased The Pavilions for $81.5 million. The
Pavilions, formerly owned by AvalonBay Communities, Inc.,
is a 932-unit luxury rental garden apartment community in
Manchester, CT. It is the third largest multifamily community
in the state. Founded in 1970, Northland Investment Corporation
is a privately held real estate investment and development
company that specializes in the acquisition, development,
operation, and long-term ownership of commercial and multifamily
real estate throughout the United States.
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