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Financial services

MarketData Corp. and Renet Financial Corp. Announce Merger Details

Strategic Insights

— 1 min read

MarketData Corp. and Renet Financial Corp. released additional details about their merger, indicating that the combined pro-forma results for the year ended June 30, 1995, would have shown revenues of $6.1 million and shareholder equity of $1.2 million. The merger is expected to position the company for growth in the financial services market, including mortgages, insurance, and securities, as Renet Financial Corp. chairman and CEO Michael Pope stated that the company is "prepared to participate actively in the new growth expected in the market." The merger agreement is being filed with the Department of Corporations of the State of California, with management expecting to receive its permit within 60 days.

Key Takeaways:

  • The combined pro-forma results for the year ended June 30, 1995, would have shown revenues of $6.1 million and shareholder equity of $1.2 million.
  • The merger is expected to position the company for growth in the financial services market, including mortgages, insurance, and securities.
  • Renet Financial Corp. chairman and CEO Michael Pope stated that the company is "prepared to participate actively in the new growth expected in the market."
  • The company plans to expand its base of over 170 franchises through its public company status.
  • Shareholders will be restricted from trading their stock for two years, preserving the current public float.
  • MarketData Corp. has been in discussions with additional providers of on-line services who are interested in Market Data products for their subscribers.
  • The merger agreement is being filed with the Department of Corporations of the State of California.
  • Management expects to receive its permit within 60 days.

Statistics:

  • Revenues: $6.1 million
  • Shareholder Equity: $1.2 million
  • Number of Franchises: Over 170 franchises
  • Number of Shareholders: Not specified in the text
  • Number of Days to Receive Permit: 60 days
  • Current Public Float: Not specified in the text

Sources:

  • "MarketData Corp. and Renet Financial Corp. Release Merger Details." Business Wire, November 21, 1995.

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