|By PR Newswire||
|February 18, 2014 10:30 AM EST||
DALLAS, Feb. 18, 2014 /PRNewswire/ -- Esposito Global notified the Special Committee of Board of Directors of SWS Group, Inc. (NYSE: SWS) on February 12, 2014, that it is prepared to make a proposal, subject to certain conditions, to acquire all the outstanding common shares of SWS in a business combination at a price of $8.00 a share in cash. Esposito Global is a rapidly growing, fast-paced, technology-driven firm whose mission is to provide exemplary products and services to their clients. Esposito Global strives to earn and maintain the trust of clients and employees through dedication to their core values of integrity, commitment, respect, and innovation. Esposito is in the midst of expansion in virtually every segment of the company to accommodate the rapid organic growth of its client base and acquisition strategy.
The proposal from Esposito Global represents a 32% premium above the closing price of SWS common stock of $6.06 on January 9, 2014, the last business day prior to the public announcement that Hilltop Holdings Inc. had made an offer to acquire SWS on January 10, 2014. In addition, Esposito Global's proposal represents a 14.3% premium above the price currently offered by Hilltop, as set forth in its Schedule 13D filed with the Securities and Exchange Commission. Esposito believes its proposal clearly represents an attractive value realization event for the shareholders of SWS. Moreover, the consideration offered under the proposal would be payable entirely in cash at the closing of the business combination.
The proposal from Esposito Global is subject to certain conditions, including completion of customary due diligence, arranging for outside financing, negotiation of definitive agreements and receipt of required governmental and third party approvals.
About Esposito Global
Esposito Global is the corporate brand for the Esposito family of financial services companies. Its affiliates include Esposito Securities, Esposito Partners, and Esposito Private Equity Group. Esposito Securities was founded in 2006 and serves institutional investment clients worldwide. Mr. Mark A. Esposito leads Esposito Global and we believe that the businesses of Esposito and SWS have significant overlap and offer tremendous opportunity for further growth. Mr. Esposito previously served a five-year tenure at SWS and originally came to Dallas to start the SWS portfolio trading business. We believe that he has a deep knowledge of SWS and the industry in which it participates and knowledge would facilitate the structuring and consummation of this transaction and be a catalyst to effect positive change for both companies and their employees. To experience the Esposito commitment to customer service and for further information on our products and services, please contact us at [email protected] or visit www.espositoglobal.com.
About SWS Group, Inc.
As described in its public filings, SWS Group, Inc. is a publicly traded, Dallas based company that was originally established as a broker-dealer in 1972. Since its inception, SWS has expanded its business segments and currently functions in the areas of retail brokerage, securities clearing, institutional brokerage, and banking and has provided industry leading services for RIAs and other broker-dealers throughout its existence. These subsidiary companies exist as Southwest Securities, Inc., SWS Financial Services, Inc., and Southwest Securities, FSB. Collectively, they make up one of the region's leading securities firms.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which may be may be identified by the context in which the statements are made and generally arise when Esposito Global is discussing its beliefs, estimates or expectations regarding future events. Forward-looking statements include, but are not limited to, statements regarding proposals, plans and intentions of Esposito Global, the steps that would be taken to effect a business combination between Esposito Global and SWS Group, Inc. and the benefits expected to be derived from such a business combination. These statements represent only Esposito Global's beliefs at the time the statements were made, and are subject to certain risks, uncertainties and other factors. Actual future events and outcomes may differ materially from what is expressed, anticipated or forecast in such forward-looking statements. Certain factors will could affect the forward-looking statements in this this press release include the nature of any response received from SWS regarding the proposed business combination, the results of any due diligence review that may be undertaken by Esposito Global, the satisfaction of conditions to which the proposal is subject and market and other factors, many of which are outside the control of Esposito Securities. Except as required by law, Esposito Securities undertakes no duty to update any forward-looking statement to reflect future events, events or developments relating to the subject matter of this press release.
SOURCE Esposito Global
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Oct. 13, 2015 07:15 PM EDT Reads: 124
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
Oct. 13, 2015 07:00 PM EDT Reads: 1,490
Today’s connected world is moving from devices towards things, what this means is that by using increasingly low cost sensors embedded in devices we can create many new use cases. These span across use cases in cities, vehicles, home, offices, factories, retail environments, worksites, health, logistics, and health. These use cases rely on ubiquitous connectivity and generate massive amounts of data at scale. These technologies enable new business opportunities, ways to optimize and automate, al...
Oct. 13, 2015 07:00 PM EDT Reads: 269
Containers are all the rage among developers and web companies, but they also represent two very substantial benefits to larger organizations. First, they have the potential to dramatically accelerate the application lifecycle from software builds and testing to deployment and upgrades. Second they represent the first truly hybrid-approach to consuming infrastructure, allowing organizations to run the same workloads on any cloud, virtual machine or physical server. Together, they represent a ver...
Oct. 13, 2015 06:45 PM EDT Reads: 259
As operational failure becomes more acceptable to discuss within the software industry, the necessity for holding constructive, actionable postmortems increases. But most of what we know about postmortems from "pop culture" isn't actually relevant for the software systems we work on and within. In his session at DevOps Summit, J. Paul Reed will look at postmortem pitfalls, techniques, and tools you'll be able to take back to your own environment so they will be able to lay the foundations for h...
Oct. 13, 2015 06:30 PM EDT Reads: 233
This week, the team assembled in NYC for @Cloud Expo 2015 and @ThingsExpo 2015. For the past four years, this has been a must-attend event for MetraTech. We were happy to once again join industry visionaries, colleagues, customers and even competitors to share and explore the ways in which the Internet of Things (IoT) will impact our industry. Over the course of the show, we discussed the types of challenges we will collectively need to solve to capitalize on the opportunity IoT presents.
Oct. 13, 2015 06:30 PM EDT Reads: 129
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
Oct. 13, 2015 06:15 PM EDT Reads: 1,231
For almost two decades, businesses have discovered great opportunities to engage with customers and even expand revenue through digital systems, including web and mobile applications. Yet, even now, the conversation between the business and the technologists that deliver these systems is strained, in large part due to misaligned objectives. In his session at DevOps Summit, James Urquhart, Senior Vice President of Performance Analytics at SOASTA, Inc., will discuss how measuring user outcomes –...
Oct. 13, 2015 06:00 PM EDT Reads: 552
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in high-performance, high-efficiency server, storage technology and green computing, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology is a premier provider of advanced server Building Block Solutions® for Data ...
Oct. 13, 2015 06:00 PM EDT Reads: 232
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Oct. 13, 2015 06:00 PM EDT Reads: 208
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet condit...
Oct. 13, 2015 04:00 PM EDT Reads: 729
SYS-CON Events announced today that Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, will keynote at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Oct. 13, 2015 03:15 PM EDT Reads: 257
Saviynt Inc. has announced the availability of the next release of Saviynt for AWS. The comprehensive security and compliance solution provides a Command-and-Control center to gain visibility into risks in AWS, enforce real-time protection of critical workloads as well as data and automate access life-cycle governance. The solution enables AWS customers to meet their compliance mandates such as ITAR, SOX, PCI, etc. by including an extensive risk and controls library to detect known threats and b...
Oct. 13, 2015 03:00 PM EDT Reads: 329
DevOps Summit, taking place at the Santa Clara Convention Center in Santa Clara, CA, and Javits Center in New York City, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait...
Oct. 13, 2015 02:30 PM EDT Reads: 202
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction....
Oct. 13, 2015 02:15 PM EDT Reads: 359