Bank of America Lawsuit
Buys Merrill for $50 Billion
Bank of America to Acquire Merrill Lynch for $50 Billion
Brokerage House Rescued
Bank of America announced Monday morning that it would buy the ailing Merrill Lynch, in an all stock transaction worth approximately $50 billion. The purchase will make Bank of America a direct rival of Citigroup Inc., in terms of size of assets.Under the terms of the deal, Merrill Lynch shares are valued at $29 per share, a 70 percent premium over the closing price of the brokerage's shares on Friday. However, it is drastically less than the $98 per share Merrill Lynch was trading at in 2007.
While the merger is seen as beneficial to both institutions, it could result in more layoffs; both companies have cut thousands of jobs in the past 12 months.
SEPT-15-08: Bank of America to Buy Merrill Lynch [FORBES: BANK OF AMERICA BUY MERRILL LYNCH FOR $50 BILLION ]
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