secwatch.observer — SEC 8-K summary
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Issuer:     CBIZ, Inc. (CBZ)
CIK:        0000944148
Form:       8-K
Filed at:   2024-07-31T23:59:59+00:00
Accession:  0001193125-24-189467
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CBIZ agrees to buy Marcum in $2.3B cash-and-stock deal; Q4 2024 close
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- Total consideration ~$2.3B: ~$1.1B cash + ~14.4M shares at $76.84; expected close Q4 2024 subject to approvals.
- Combined annual revenue ~$2.8B; CBIZ becomes 7th-largest U.S. accounting services provider.
- Marcum has ~$1.2B revenue, 3,500+ professionals, 43 offices, and 35,000+ clients.
- Financing secured: $2.0B committed senior secured credit facilities from Bank of America.
- Voting agreement with Marcum partners holding ~41% of units; termination fees up to $48M for CBIZ, $22M for Marcum.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/944148/000119312524189467/0001193125-24-189467-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/944148/000119312524189467/d870469d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-189467

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer