The proposed $3.6 billion merger between Chemical Financial Corp. and TCF Financial Corp. would create a Midwest bank based in Michigan that’s able to compete with the largest national banks and that’s likely to pursue further acquisitions. Under the $3.6 billion all-stock deal, the Wayzata, Minn.-based TCF Financial (NYSE: TCF) would merge into the Detroit-based Chemical Financial (Nasdaq: CHFC). Once the deal closes, Chemical Bank locations would take on the TCF name.
Here is the MiBiz Growth Report for Aug. 7, 2017.
• M&A: Rockford-based Wolverine World Wide Inc. has sold its Sebago brand of boat shoes to an offshoot of BasicNet S.p.A., a clothing and footwear company based in Turin, Italy. A subsidiary, TOS S.r.l., acquired the intellectual property rights for the Sebago trademarks and other assets in a deal valued at $14.25 million, excluding acquisition-related charges, according to a statement from BasicNet. For Wolverine, the move to offload the Sebago brand comes as part of a larger strategy that executives hope will streamline the organization and increase profitability amid a challenging consumer goods market. The two companies agreed to transition the brand to the new owner through the end of this year. Wolverine (NYSE: WWW) acquired Sebago Inc., a maker of penny loafers and docksiders boat shoes, in 2003.