FBF/SUB: FleetBoston Buying Summit Bancorp
FleetBoston(FBF Quote) agreed to buy Summit Bancorp(SUB Quote) for $7 billion in stock, giving it New Jersey's No. 1 market share. The price is a premium of more than 40% compared to its price before merger rumors on Tuesday and news on Wednesday that they were in talks pushed Summit's shares to new levels.
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