BMO to Acquire Marshall & Ilsley Friday, December 17, 11:20 AM ET
BMO Financial Group (NYSE:BMO) said today it has agreed to acquire Marshal & Ilsley (AMEX:MI) in a stock-for-stock transaction worth $4.1 billion.
Each share of Marshall & Ilsley, valued at $7.75 per share, will be exchanged for 0.1257 shares of BMO. Marshal & Ilsley stock closed at $5.79 yesterday.
BMO said the acquisition is part of its strategy to strengthen its North American businesses, and that it will transform its competitive position in the Midwest.
The transaction will be accretive to earnings in 2013, after one-time merger and integration costs of about $540 million Canadian.
Marshall & Ilsley shareholders, as well as regulators, must approve the deal.
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