| Oritani Financial Corp. (MHC) to acquire Greater Community Bancorp
WASHINGTON TWP, N.J. and TOTOWA, N.J.--(BUSINESS WIRE)--Kevin J. Lynch, Chairman, President and CEO of Oritani Financial Corp. (MHC) (“Oritani") (NASDAQ: ORIT ) the holding company for Oritani Savings Bank, announced that it has entered into a Merger Agreement providing for the acquisition of Greater Community Bancorp (“Greater Community") (NASDAQ: GFLS ) by Oritani. Greater Community is the holding company for Greater Community Bank. Under the terms of the Merger Agreement, Greater Community shareholders will be entitled to receive $21.40 per share or $187 million in aggregate deal value. The consideration mix will be 60% stock and 40% cash. The exchange ratio for the stock consideration will equal $21.40 divided by the Oritani market value as defined in the Merger Agreement, provided that the exchange ratio shall not be more than 1.4588 or less than 1.1935.
Dubai World announces DP World IPO pricing
Dubai World today announces it has priced shares in the initial public offering (IPO) of its global marine terminal operator DP World at $1.30 per share - the top of its indicative range of $1.00 -$1.30 per share, implying a market capitalisation for DP World of $21.6bn. .
Banking: Tune Money hitting the high notes
TUNE Money Sdn Bhd, the first "no-frills" online financial portal in Malaysia, has big ambitions and aggressive targets. To make the business work, it needs to quickly change the way Malaysians buy financial products, like insurance and unit trusts, and convince those who are not yet insured or invested. And despite being an upstart with a relatively new concept in Asia, Tune Money was set out to be a regional player from the very beginning. Chief executive officer Tengku Zafrul Aziz said it has already started talking to regulators in some neighbouring countries such as Indonesia, Vietnam and Thailand on its expansion there, although its portal has only gone live in Malaysia last month. "We want to launch everything we need to launch by December, before starting aggressively at regional expansion.
Miners, banks top BRW list
HEAVYWEIGHT mining and banking companies dominate Business Review Weekly's Top 1000 companies list, released today. By revenue, the top companies are headed by miner BHP Billiton, retailer Woolworths, National Australia Bank, recently acquired retailer Coles Group, and the Commonwealth Bank - in exactly the positions they ranked last year. ANZ Banking Corp switched positions with miner Rio Tinto, lifting from seventh to sixth, while Westpac switched places with Telstra, rising from eigth from ninth, and oil refiner and petrol retailer Caltex Australia remained at tenth. The BRW Top 1000 companies orders firms by revenue earned, according to data analysis from IBISWorld. BHP Billiton, clinching top spot for the fourth year running, earned total revenue of $55.942 billion, also winning the "most improved'' title with an increase of $9.868 billion, or 21.4 per cent, on 2006.
Online service boost for RHB Bank
RHB Bank Bhd is confident that a RM12mil fee income will be added to its corporate revenue this year from its corporate online banking facility, RHB Reflex Cash Management. Chairman Datuk Azlan Zainol said he expected the customer base of the product, commonly known as Reflex, to increase from 3,000 corporate, multinational, commercial and SME customers to 5,000. To date, RHB has 300,000 corporate and commercial customers. "Reflex caters to most of the banking needs of our business customers. That has made it very attractive to large and small companies that already have accounts with us," Azlan said after the launch of the product yesterday. .
SEC Appoints Financial Reporting Committee Members
Aug. 1, 2007 (SmartPros) Securities and Exchange Commission Chairman Christopher Cox announced the appointment of 16 new members to the SEC Advisory Committee on Improvements to Financial Reporting. The committee, established by the SEC earlier this summer, will examine the U.S. financial reporting system and provide recommendations about how to improve its usefulness for investors and reduce unnecessary complexity for U.S. companies. The advisory committee will explore ways to redesign the financial reporting system to take advantage of interactive data and the XBRL computer language for financial reporting. These new technologies, the SEC believes, can help address accounting complexity by making financial information more useful to investors and others who use it.
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