The shareholders of both Bank of America Corp. and Merrill Lynch & Co. Inc. have voted to approve Bank of America's acquisition of Merrill Lynch. The transaction was originally announced in September.
‘When this transaction closes, Bank of America will have the premier financial services franchise anchored by the cornerstone relationship products and services of deposits, credit and debit cards, mortgages and wealth management,’ states Kenneth D. Lewis, Bank of America chairman and CEO.
Under the terms of the transaction, Merrill Lynch stockholders will receive 0.8595 of a share of Bank of America common stock for each share of Merrill Lynch common stock held immediately prior to the merger, and Merrill Lynch & Co. Inc. will become a wholly owned subsidiary of Bank of America Corp. The acquisition is expected to close by the end of the year.
Sources: Bank of America, Merrill Lynch