Corp. for $13 million in cash. Banterra, based in Eldorado, Ill., has $542 million of assets; Heartland has $66 million. The price, $15.75 for each outstanding share, comes to about 1.17 times book value. The deal is set to close during the second quarter. Heartland's largest individual shareholder had been fighting with its board for a year. Barrett R. Rochman, who owns 9.6% of the outstanding shares, had been pushing the company to improve its performance. After a proxy fight last year that ended in a lawsuit, he was named a director. Mr. Rochman said that he supports Heartland's sale to Banterra, but that shareholders could have received $18 a share had the board agreed to sell nine months earlier. He said he bought most of his shares at $16. "There was nothing left for us to do but sell," he said. "There were so many walking wounded from this (proxy) fight." - Laura Pavlenko Lutton
Access to authoritative analysis and perspective and our data-driven report series.
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In