Temasek in the super league

Bangkok Post, 20 Sep 2008

Temasek Holdings is getting more than it asked for. Nine months after it bought a chunk of Merrill Lynch, it may end up holding stakes in a new financial mammoth comprising Merrill and Bank of America (BoA) if it accepts BoA's all-stock takeover offer for Merrill.

The largest US retail bank agreed to buy Merrill for $50 billion or $29 per share by exchanging 0.8595 BoA common stocks for each Merrill share.

The price is 1.8 times the stated tangible book value and a 70% premium to Merrill's last traded price of $17.05 last Friday.

Read More