It appears to me that there were was no "signalling" by S-3 registration statement, that occurred before any of these acquisitions. In the case of Premier National, there was an offering of common shares which occurred after the acquisition had been announced. In the case of Allfirst, there appears to have been no shelf offering.
Anyway, I'll speculate that M&T's $3 billion shelf offering is for the purpose of locking in long-term financing during a time when interest rates are at a 40-year low. The funds could be used for almost any purpose, as mentioned in the filing.
Not sure if it's related, but my wife who works at M&T just received a letter saying all employees will soon be entitled to options on up to 10 shares of MTB.
Letter did not list specifics like option cost or strike price.
Have to see the details, but I took this as a bad sign. Who is offering the option? If its M&T offering a call option at a price, then they are betting there own stock won't go up. Or maybe I am looking at this from the wrong angle?
The Buffalo, New York-based holding company said in a shelf registration statement filed with the U.S. Securities and Exchange Commission that it expects to use the proceeds for debt reduction, investments, possible acquisitions and stock repurchases.
This management team is outstanding at making disciplined purchases, integrating the acquired companies, reducing costs, and driving shareholder value as a result. However, its record at building revenue, or even retaining all acquired revenue, is less compelling. It has been almost two years since the Allfirst acquisition. Cost reduction has been excellent, but has probably run its course. It is reasonable to suspect that another acquisition is around the corner. This would offer opportunities for further cost reduction from the acquired company. Perhaps as important, it would allow for further obfuscation of weak revenue and margin performance, as operating results would continue to be clouded by acquisition adjustments.