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In the News (2581)

GRAND RAPIDS — Ionia-based Independent Bank Corporation (NASDAQ: IBCP) said its bank subsidiary signed a definitive agreement to sell 21 of its branches in Battle Creek and Northeast Michigan to Midland, Mich.-based Chemical Bank for about $12.4 million. The transaction, which is expected to close in the third quarter, will transfer approximately $420 million of customer deposits to Chemical Bank.

GRAND RAPIDS — High-end fashion retailer A.K. Rikks will soon slip into a comfortable and stylish new space on 28th Street.

The key to a successful acquisition is the careful attention and process a company brings to it.

KALAMAZOO — A life sciences company developing spider venom-based bio-pesticides tapped new and existing investors to raise $10.2 million in Series B preferred stock financing.

KALAMAZOO – A West Michigan-based life sciences company with Pennsylvania roots has secured $2.0 million in seed financing.

Haworth sells Quebec-based company

Written by | Thursday, 10 May 2012 09:40 |

HOLLAND — Office furniture manufacturer Haworth Inc. announced Wednesday that it sold one of its companies, the Quebec, Canada-based Groupe Lacasse.

Huntington National Bank will expand its presence in Michigan significantly by opening more than 80 branches inside Meijer Inc. stores across the state in the coming years.

A consortium of companies including casual footwear maker Wolverine World Wide Inc. today announced plans to acquire Collective Brands Inc. for nearly $2.0 billion, including the assumption of debt. The long-rumored transaction will be "transformational" and a "game changer", according to executives of Rockford, Mich.-based Wolverine.

Mel Trotter Ministries has purchased the former River City Slims bar at 243 Commerce Avenue SW, according to Sandra Gaddy, VP of development and marketing for Mel Trotter.

A round-up of this week's activity on the West Michigan deal front.   

Amway scion and ArtPrize founder Rick DeVos has launched a new venture capital fund that blends elements of elevator pitch competitions, business mentoring and community engagement.

Just nine months after it opened the doors on a new facility in the heart of downtown Grand Rapids, the Urban Institute of Contemporary Arts announced its executive director has stepped down as part of a restructuring plan that it hopes "will stabilize the institution's declining financial situation."

Mezzanine financing is becoming a viable option for small and second-stage businesses, say two veteran Chicago-based financiers.  The pair talked about the mezzanine capital's downstream move at the April meeting of the Association for Corporate Growth Western Michigan chapter.  

Former GM site to be marketed as Site36

Written by | Wednesday, 18 April 2012 19:35 |

The Right Place, Lormax Stern and the City of Wyoming hope a new marketing strategy for the former GM stamping plant on 36th Street will get global companies to notice of what the site can offer.

Rumors of a downtown movie theater could be closer to reality following a deal announced today, April 11.

GRAND RAPIDS — One of West Michigan’s public companies has been acquired in a $625 million deal.

X-Rite Inc. (NASDAQ:XRIT) today announced that it has signed a definitive merger agreement with Danaher (NYSE: DHR) under which Danaher will acquire the company for $5.55 per share in cash, or a total of approximately $625 million including the assumption of debt, net of cash. The offer is 39 percent above X-Rite’s closing share price of $4.00 on April 9.

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