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Investing.com -- Here is your Pro Recap of the biggest head-turning deal dispatches you may have missed this week: more market-moving headlines in regional banks Western Alliance and PacWest; JPMorgan officially picks up First Republic; First Horizon and TD Bank drop their planned merger; and Arconic gets taken out by Apollo.
As always, InvestingPro subscribers got this news first. Start your free 7-day trial to get on board.
The regional bank shares experienced turbulence this week. Western Alliance (NYSE:WAL) issued a statement on Thursday denying the Financial Times report about a potential sale of its business. According to the bank, the article is false in all respects, and it is not exploring a sale or hiring an advisor to explore strategic options.
Shares dropped more than 38% on Thursday, but recovered on Friday, closing the week with a 26% loss.
Meanwhile, another regional bank, PacWest Bancorp (NASDAQ:PACW) confirmed that it has been weighing a range of strategic options, including a sale, following the report by Bloomberg, which cited people familiar with the matter.
Shares closed more than 43% lower for the week.
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JPMorgan (NYSE:JPM) announced on Monday that the Federal Deposit Insurance Corporation (FDIC) said it accepted the bank’s bid to acquire the substantial majority of assets and assume the deposits of the failed regional lender First Republic Bank (OTC:FRCB).
As part of the deal, JPMorgan will make a payment of $10.6 billion to FDIC, which will provide a $50B five-year fixed-rate financing facility to the bank.
JPMorgan expects the deal to be modestly EPS accretive and generate more than $500 million of incremental net income per year.
First Horizon (NYSE:FHN) shares dropped more than 33% on Thursday after the announcement that the previously announced merger agreement with TD Bank (NYSE:TD) is terminated - a headline reported at lightning speed by InvestingPro. The decision was made mutually between the two parties.
Arconic (NYSE:ARNC) shares surged more than 28% on Thursday following the acquisition announcement by Apollo Global (NYSE:APO). Arconic shareholders will receive $30.00 per share in cash, which values the company at an enterprise value of approximately $5.2B.
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