TheStreet's Jim Cramer says they could have made this deal work if they had priced it at $18 or $19 because it would have put the stock at a discount and it would trade up. Instead, the price was $21.50, which was below the range of $23 to $25 RBS had stated earlier this month. Cramer says this price tag was in line with other regional banks, which means it is not a great opportunity.
Cramer says no one will sell shares of one regional bank to get another if it does not come at a discount to the average stocks that he or she follow. He says this is a shame because CFG is a good bank, but the pricing does not motivate him to want to buy it.