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Banking and Technology Mergers and Acquisitions News

Strategic Insights

— 1 min read

Shares of Charlotte-based Interstate/Johnson Lane Inc. jumped significantly on speculation that the brokerage will be bought, with Interstate/Johnson Lane shares climbing to $38.75, a 7.5 percent increase from the previous day. Amidst the takeover rumors, possible buyers were identified as two North Carolina banks, Centura Banks Inc. and Wachovia Corp., as well as Jefferson-Pilot Corp., an insurer based in North Carolina. Meanwhile, Sony modified its popular video camera, Handycam, after it was discovered that the camera's infrared technology could be used to see through light clothing or bathing suits.

Key Takeaways:

  • The Federal Reserve Board will consider the merger of NationsBank Corp. and BankAmerica Corp., a deal valued at over $60 billion, expected to be completed by October.
  • Shares of Charlotte-based Interstate/Johnson Lane Inc. jumped 7.5 percent to $38.75 in trading of 96,400 shares, about 14 times its daily average for the past three months.
  • The speculation surrounding Interstate/Johnson Lane Inc.'s potential takeover centered on two North Carolina banks, Centura Banks Inc. and Wachovia Corp., as well as Jefferson-Pilot Corp.
  • Centura Chief Financial Officer Steven Goldstein denied the bank's involvement in talks with the securities firm.
  • Sony modified five models of its Handycam video camera after it was reported that the infrared technology could be used to see through light clothing or bathing suits.
  • The technology was initially intended for taking pictures of birds and nocturnal animals.

Statistics:

  • Interstate/Johnson Lane Inc. shares jumped 7.5 percent to $38.75.
  • The company's shares climbed $2.68 3/4.
  • Trading volume of Interstate/Johnson Lane Inc. shares was 96,400.
  • The speculated buyers aimed at Interstate/Johnson Lane Inc. include Centura Banks Inc., Wachovia Corp., and Jefferson-Pilot Corp.

Sources:

  • Dow Jones News Service Interstate/Johnson Lane up on takeover rumors
  • Bloomberg News Sony makes modifications to 'X-ray' video camera
  • Associated Press

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