Roundup: Gateway Bank, Discovery, Corporate Office Properties Trust
From staff and wire reports
*Gateway Financial Holdings, the Virginia Beach-based parent of Gateway Bank & Trust Co., said it has agreed to a $101 million deal to merge with Hampton Roads Bankshares, the holding company for the Bank of Hampton Roads and Shore Bank. Gateway was among area institutions that had sizeable holdings of Fannie Mae or Freddie Mac stock when the mortgage finance giants were placed in federal conservatorship, wiping out much of their shares value.
*Discovery Communications entered an advertising-sharing agreement with YouTube that will bring its programs about science, nature and tattooing to the video site. Discovery will produce YouTube channels based on networks including Animal Planet and TLC to drive Web viewers to its cable programming, the companies said in a statement. YouTube will carry program segments as well as outtakes and behind-the- scenes footage. Other terms of the deal weren't disclosed. Discovery also plans to offer YouTube videos for non-U.S. viewers. In October, the Silver Spring-based company will start an "Ink" international channel for the tattoo community, a German-language channel for men and two Spanish- language channels for Latin America.
*Corporate Office Properties Trust said it increased its planned share offering to 3.25 million shares and plans to sell them for $39 apiece. The new amount, at that price, would deliver gross proceeds of $126.8 million. It expects net proceeds of $121 million. Late Tuesday the real estate investment trust had said it would sell 2 million shares to finance development costs and other investments. The underwriters will get the option to buy an extra 487,500 shares to cover any overallotments. If all are used, net proceeds will be about $139 million, the company said. The company expects the offering to close Sept. 29 and said it will first use the proceeds to repay debt.
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