When it comes to buying a company, there are a number of things firms may have to consider. For example, some may move forward with a hostile acquisition, while others simply focus on business goals and are able to work on a friendly acquisition. In Fort Lauderdale, Florida, companies that are thinking about a merger or acquisition should make sure they take advantage of considerable planning and preparation. When business owners approach the process properly, they can avoid certain costly mistakes and enjoy a smoother acquisition.
A New Jersey-based bank recently announced that they will be purchasing the parent company of a bank headquartered in Boca Raton for roughly $312 million. According to a statement that was released, executives for the Boca Raton bank will retain their positions and assist with the company’s expansion into Florida.
The company buying the Florida bank has around 200 branches and over $16 billion worth of assets. The banking group says they were drawn to Florida for a variety reasons, such as low taxes, a growing population, opportunities and more. The deal, which is expected to close near the end of the year, is awaiting regulatory approval.
Although some acquisitions can seem complicated to certain people, savvy business owners often don’t want to miss out on a lucrative opportunity that they have identified. Fortunately, there are a number of ways they can simplify the process, from solid preparation to evaluating legal considerations. Understanding business law can be difficult for someone who doesn’t have a great deal of familiarity with the legal process, but talking to an attorney can help.
Source: Sun Sentinel, “New Jersey bank to buy 1st United to enter Florida,” Doreen Hemlock, May 8, 2014