Bloomberg.com, 15 Sep 2008, David Mildenberg and Bradley Keoun
Sept. 15 (Bloomberg) -- Bank of America Corp. cemented its status as the largest U.S. consumer bank by agreeing to acquire Merrill Lynch & Co., the world's biggest brokerage firm, for about $50 billion.
The bank will swap 0.8595 shares of its stock, equal to $29 a share based on Friday's closing price, for each share of New York-based Merrill Lynch, according to a statement from Bank of America today. The bank pulled out of talks yesterday to acquire Lehman Brothers Holdings Inc., the beleaguered securities firm. The deal is expected to close in the first quarter of 2009.
Read More
Related News:
Merrill's bull run ends with Bank of America sale - Reuters, 15 Sep 08
Frantic day on Wall Street as banks fall - International Herald Tribune, 15 Sep 08
BofA to Buy Merrill for $50 Bn, Lehman Seeks Chapter 11
