Bank of America buys Merrill Lynch for $50 billion

The acquisition follows the revelation early this morning that Lehman Brothers has filed for Chapter 11 bankruptcy protection, less than a week after announcing an estimated net loss of $3.9 billion in the third quarter of this year.

Under the terms of the acquisition, Bank of America will exchange 0.8595 shares of its common stock for each Merrill Lynch common share, equivalent to 1.8 times the stated tangible book value. Bank of America believes it will be able to achieve $7 billion in pre-tax

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here