Marshall & Ilsley Corporation to Acquire a Majority Interest in Taplin, Canida & Habacht, Inc.
October 13 2008 - 7:33AM
PR Newswire (US)
MILWAUKEE and MIAMI, Oct. 13 /PRNewswire-FirstCall/ -- Marshall
& Ilsley Corporation (NYSE:MI) (M&I) and Taplin, Canida
& Habacht, Inc. (TCH) today announced they have signed a
definitive agreement for M&I to acquire a majority equity
interest in Miami-based TCH. After the closing of the transaction,
the principals of TCH will continue to own a portion of the
business. TCH will continue to conduct its business as Taplin,
Canida & Habacht and will maintain its headquarters in Miami,
Florida. In addition, TCH will continue to service its current
clients, and Tere Alvarez Canida will continue in her current role
as president. The transaction is expected to be completed in the
fourth quarter of 2008, subject to regulatory approvals and other
customary closing conditions. Terms were not disclosed, and the
transaction is not expected to have a material impact on M&I's
financial results. Substantially all of the initial payment by
M&I is comprised of M&I common stock. TCH is a highly
regarded institutional fixed income money manager with
approximately $7.5 billion of assets under management as of
September 30, 2008. TCH's consistent approach to their investment
discipline is complemented by strong quantitative and fundamental
research. On a proforma basis, M&I will have approximately $32
billion in assets under management within M&I Wealth
Management. TCH's three principals, Tere Alvarez Canida, Alan M.
Habacht, and William J. Canida, have worked together as portfolio
managers since 1987 and have built a highly experienced investment
team totaling nine investment professionals. "We are excited to
announce this strategic acquisition to expand our investment
capabilities," said Kenneth C. Krei, senior vice president,
Marshall & Ilsley Corporation. "TCH, led by Tere, Alan, and
Bill, has built an impressive institutional fixed income firm known
for its investment expertise and client service. Their products
complement the array of top-performing investment strategies
already offered within M&I Wealth Management. Our history of
successful acquisitions, strong distribution capacity, and
commitment to enhancing our businesses provides a solid platform
for TCH." "M&I's commitment to provide best-in-class investment
management products and services means that TCH and our clients
will benefit from greater financial resources," said Tere Alvarez
Canida, president of TCH. "We are convinced that our strategic
combination with M&I will position us for success for many
years to come." Marshall & Ilsley Corporation (NYSE:MI) is a
diversified financial services corporation headquartered in
Milwaukee, Wis., with $64.3 billion in assets. Founded in 1847,
M&I Marshall & Ilsley Bank is the largest Wisconsin- based
bank, with 193 offices throughout the state. In addition, M&I
has 52 locations throughout Arizona; 32 offices in Indianapolis and
nearby communities; 31 offices along Florida's west coast and in
central Florida; 15 offices in Kansas City and nearby communities;
24 offices in metropolitan Minneapolis/St. Paul, and one in Duluth,
Minn.; and one office in Las Vegas, Nev. M&I's Southwest Bank
subsidiary has 17 offices in the greater St. Louis area. M&I
also provides trust and investment management, equipment leasing,
mortgage banking, asset-based lending, financial planning,
investments, and insurance services from offices throughout the
country and on the Internet (http://www.mibank.com/ or
http://www.micorp.com/). M&I's customer-based approach,
internal growth, and strategic acquisitions have made M&I a
nationally recognized leader in the financial services industry.
Godfrey & Kahn, S.C., Milwaukee, Wisconsin, acted as legal
advisor and Deutsche Bank Securities served as financial advisor to
Marshall & Ilsley Corporation. White & Case LLP acted as
legal advisor to TCH. This document contains forward-looking
statements about M&I, TCH and the combined company which are
within the safe harbor provisions for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements with respect to
the expected timing, completion and effects of the proposed
acquisition. These forward-looking statements involve certain risks
and uncertainties. There are a number of important factors which
could cause the actual timing, completion and effects of the
proposed acquisition to differ materially from those anticipated by
the forward-looking statements. These factors include, but are not
limited to (1) general economic conditions, either nationally or in
the states in which M&I and TCH do business, becoming less
favorable than expected; (2) legislative or regulatory changes
which adversely affect the businesses in which M&I and TCH are
engaged; (3) changes in the securities markets; (4) the economic
impact of terrorist attacks and similar or related events; (5)
unanticipated changes in laws, regulations, or other industry
standards affecting the businesses of M&I and TCH; and (6)
those referenced in Item 1A of M&I's Annual Report on Form 10-K
for the year ended December 31, 2007 and M&I's Quarterly Report
on Form 10-Q for the quarter ended June 30, 2008, under the heading
"Risk Factors." Further information on other factors which could
affect the financial results of M&I and TCH after the merger
are included in M&I's filings with the Securities and Exchange
Commission. These documents are available free of charge at the
Commission's website at http://www.sec.gov/ or from M&I.
DATASOURCE: Marshall & Ilsley Corporation CONTACT: Greg Smith,
senior vice president, chief financial officer, +1-414-765-7727, or
Dave Urban, vice president, director of investor relations,
+1-414-765-7853, both of Marshall & Ilsley Corporation Web
site: http://www.micorp.com/ http://www.mibank.com/
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