Update: Credit Suisse First Boston to Buy DLJ

Updated from 8:53 a.m. EDT

Credit Suisse First Boston has agreed to acquire Donaldson Lufkin & Jenrette (DLJ Quote), as expected, in an $11.5 billion deal that would create the second-largest lead underwriter of initial public offerings in the U.S., the companies said Wednesday.

Under the terms of the deal, Credit Suisse First Boston agreed to pay $90 a share in cash to DLJ's public shareholders, which hold about 30% of the company. That represents a roughly 10% premium over DLJ's closing price Tuesday of $82.25. The remainder of the shares are held by AXA Financial (AXF Quote) and its affiliates. Credit Suisse will pay $5.75 billion in stock and $2.39 billion in cash to AXA. ...