MERGERS AND ACQUISITIONS ATI Title Companies, doing business as Rels Title, Minnetonka, has agreed to be acquired by DataQuick, San Diego. Rels Title provides nationwide escrow, title examinations, commitment and closing services, document preparation and other services. DataQuick provides centralized title services to the lending industry. The Rels Title management team will continue and remain in Minnetonka.
NEW PRODUCTS 3M Co., Maplewood, is introducing a new line of do-it-yourself, plumbed-in Filtrete water filtration products. They includes four different filtration levels and three types of installed systems so homeowners can customize their selections based on their needs.
NEW BUSINESS Elan Financial Services, a unit of U.S. Bancorp, Minneapolis, is partnering with Greylock Federal Credit Union, Pittsfield, Mass., to provide card services to its more than 70,000 members.
U.S. Bank, a unit of U.S. Bancorp, Minneapolis, and RioCan Real Estate Investment Trust closed on a $150 million, five-year term loan. RioCan, a Canadian real estate investment trust, secured the financing with a cross section of its large, stable portfolio of 333 retail properties containing an aggregate of 80 million square feet. The facility is secured by 16 of RioCan's assets located throughout Canada. U.S. Bank served as a co-lead arranger on the transaction.
MoneyPass, a provider of comprehensive ATM and debit card processing products, has partnered with Wal-Mart to provide surcharge-free ATM access in more than 2,000 stores through Wal-Mart's MoneyCenter Express machines. MoneyPass is part of U.S. Bancorp's Elan Financial Services unit.
LEGAL MATTERS Stratasys Inc., Eden Prairie, has signed a memorandum of understanding to settle the previously disclosed class-action lawsuits pending in the Delaware and Minnesota regarding its proposed merger with Objet. A third action, also pending in Minnesota, will be voluntarily dismissed by the plaintiff. Pursuant to the memorandum of understanding, Stratasys has agreed to make certain additional disclosures related to the proposed merger. The memorandum of understanding also provides, among other things, that the parties will seek to enter into a stipulation of settlement which provides for the release of certain claims held by such class. The settlement will not affect the timing of the special meeting of Stratasys stockholders, which is scheduled for Sept. 14.
DEBT AND EQUITIES SurModics Inc., Eden Prairie, announced the preliminary results of its modified Dutch auction tender offer for up to $55 million in value of its common stock, which expired Wednesday. In accordance with the terms and conditions of the tender offer, SurModics expects to acquire about 2.9 million common shares at a price of $19 per share, for an aggregate cost of $55 million, excluding fees and expenses relating to the tender offer. These shares represent about 16.5 percent of SurModics' outstanding common stock.
NAME CHANGE OutsourceOne Inc., Minneapolis, a benefits administration and technology company, has changed its name to Cielostar to reflect its expansion into related, but broader, areas of the health benefits marketplace.
