One of Greater Cincinnati’s largest public firms to be acquired in $3.1B deal
Cincinnati Business Courier
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A private equity firm will acquire Wilmington-based Air Transport Services Group Inc.,?one of Cincinnati’s largest public companies?that leases aircraft to?Amazon?and DHL, and take it private in a massive $3.1 billion deal.
Stonepeak plans to acquire ATSG (Nasdaq: ATSG) for cash. Holders of the company’s common stock will receive $22.50 per share, a 29.3% premium over ATSG’s closing share price Nov. 1. That's also a 45.5% premium over the company’s volume-weighted average price over the previous 90 trading days.
ATSG, which is focused on medium widebody freighter aircraft leasing, air transport operations and support services, went public in 2003. It believes Stonepeak can help it expand across the world.
“The agreement with Stonepeak will deliver immediate and certain cash value to ATSG’s shareholders at a substantial premium to recent market prices,” Joe Hete, ATSG’s executive chairman, said.
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Walnut Hills cocktail bar shutters, space hits the market
A shuttered cocktail bar in the heart of Walnut Hills just hit the market. Comfort Station, which was located at 793 E. McMillan St., quietly closed earlier this year. NAI Bergman listed the property Nov. 4.?The 2,300-square-foot space is being marketed at a lease rate of around $26 per square foot. It comes with a private outdoor area and two fully equipped bars. The bar's furniture, fixtures and equipment can be negotiated, according to the listing. The building in question was built in the 1920s as a public comfort station along a busy streetcar route.?
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Former Cincinnati-area college sells 99-acre campus for $3.5M to an Ohio nonprofit
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St. Elizabeth, developers break ground on luxury retirement community at former Drawbridge site
Construction is officially underway at a long-vacant development site just off Interstate 275 in Fort Mitchell. Public officials and representatives from St. Elizabeth Healthcare, Greenbrier Development and Brandicorp held a groundbreaking Nov. 1 for the Ormsby, a luxury retirement community expected to serve as the anchor project for the?$200 million redevelopment of the former Drawbridge Inn Hotel and Convention Center site?along Buttermilk Pike.
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Frisch's ordered to close five more Cincinnati-area locations with additional cases still pending
Frisch's, the beloved Cincinnati chain known for its Big Boy double-decker hamburgers, onion rings and scratch-made pies, received more bad news in court this week. Magistrates in Hamilton County and Middletown, respectively, ordered its eviction from five Tri-State locations. Its landlord, NNN Reit,?claim Frisch’s hasn’t been paying its full rent.
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This Weekly Edition was compiled by Courier Digital Editor Liz Engel. Questions? Comments? Send them to [email protected].?