After much speculation, it's official.
National Discount Brokers
( NDB) for $49 a share. The move consolidates Deutsche Bank's hold on NDB. Earlier this year, the company purchased approximately 16% of NDB. It will now own the other 84%.
The deal is expected to close before the yearend.
There's still no word on what the new company will be called, but depending on the way things work out, the deal could create the longest company name in business history, far longer than other four-word rivals like
Morgan Stanley Dean Witter
Credit Suisse First Boston
. Deutsche Banc Alex. Brown, after all, is the company's North American investment banking and brokerage business.
NDB closed at $47.31 yesterday. The stock has spiked in recent days on speculation about the deal. It had closed at $25.25 on Monday.