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Bank of America Agrees to Buy Merrill

Stock quotes in this article: LEH , BAC , MER  

Updated from Sunday, Sept. 14

Merrill Lynch(MER Quote) and Bank of America Bank of America(BAC Quote) confirmed they have agreed to a deal in which Bank of America would buy Merrill in a $50 billion all-stock transaction.

The combination has been approved by the boards of both companies.

Under terms of the deal, Bank of America would exchange 0.8595 a share of Bank of America common stock for each Merrill Lynch common share. The price is 1.8 times stated tangible book value.

The transaction values Merrill at $29 a share. ...

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