is being acquired by the
Royal Bank of Canada
for $1.46 billion, the companies announced this morning.
Each share of Dain Rauscher stock will convert into the right to receive $95 in cash. The stock closed at $78.88 yesterday. The company, a brokerage firm based in Minneapolis, provides investing services to clients in the western part of the United States.
Dain Rauscher will be renamed RBC Dain Rauscher Wessels.
The purchase by Royal Bank of Canada continues a recent trend of acquisitions of brokerages and investment banks.
Donaldson Lufkin & Jenrette
( DLJ), and
have all been snapped up in the last couple of months. Two of those acquisitions were also by companies based outside the United States.
wrote about the
J.P. Morgan deals in separate articles.