Paychex to Buy Oasis Outsourcing, CenterState to Acquire National Commerce

Mukesh Buch
26 Nov, 2018
New York City

CenterState Bank agreed to buy National Commerce. Paychex agreed to buy rival Oasis Outsourcing Acquisition for $1.2 billion. United Technologies received Chinese regulatory approval for $30 billion deal with Rockwell Collins.

[R]10:55 AM New York City, New York – CenterState Bank agreed to buy National Commerce. Paychex agreed to buy rival Oasis Outsourcing Acquisition for $1.2 billion. United Technologies received Chinese regulatory approval for $30 billion deal with Rockwell Collins.[/R]

Tollbooth Index jumped 135.79 or 0.9% to 14,797.43 but for the year-to-date soared 7.5%.

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CenterState Bank Corp ((CSFL)) advanced 1.4% or 34 cents to $24.59 after the banking services provider agreed to acquire National Commerce Corp for about $850 million.

CenterState Bank offered 1.65 shares for each National Commerce share outstanding.

The transaction is expected to close in the second-quarter of 2019.

General Motors Company ((GM)), gained 22 cents to $36.12 after Reuter said the auto maker plans to shut down its Oshawa, Canada-based vehicle assembly plant to restructure its global operations for autonomous and zero-emission vehicles.

“There is no product allocated to the Oshawa Assembly Plant past December 2019,” the auto union in Canada Unifor said.

Paychex Inc ((PAYX)) increased 1.4% or 94 cents to $68.20 after the payroll outsourcing services provider said it plans to acquire the privately held rival Oasis Outsourcing Acquisition Corp. for $1.2 billion in cash.

United Technologies Corp ((UTC)) jumped 2.4% or $3.10 to $131.95 after the aviation and engineering conglomerate reported it had received the final regulatory approval from State Administration for Market Regulation of China for the proposed acquisition of Rockwell Collins Inc for about $23 billion.