Monday, September 15, 2008
Bank of America said it will purchase the iconic brokerage house Merrill Lynch for $29 per share in an all-stock transaction.
As part of the transaction, each Merrill Lynch share will be exchanged for 0.8595 shares of Bank of America stock. The deal is expected to close in the first quarter of 2009.
The fate of Merrill Lynch's 60,000 employees was not known as of Sunday night(14.9.2008). The best comparison Wall Street has to BofA's purchase of Merrill is JPMorgan's purchase of Bear Stearns. In that case, more than half of Bear Stearns' employees lost their jobs.
http://www.foxbusiness.com/story/markets/bofa-mulling-purchase-merrill-lynch---reports/
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