BMO Financial Group To Acquire Marshall & Ilsley

Posted by Orb Staff on December 17, 2010 No Comments
Categories : FYI

Canada-based BMO Financial Group and Milwaukee, Wis.-based Marshall & Ilsley Corp. (M&I) have entered into a definitive agreement under which BMO will acquire all outstanding shares of common stock of M&I in a stock-for-stock transaction. M&I – the holding company of Marshall & Ilsley Bank, Wisconsin's largest bank -Â provides mortgage banking, asset-based lending, trust and investment management, and a variety of other financial services.

Under the terms of the agreement, each outstanding share of M&I will be exchanged for 0.1257 shares of Bank of Montreal upon closing. Also as part of the deal, BMO will purchase M&I's Troubled Asset Relief Program preferred shares at par plus accrued interest – with full repayment to the U.S. Treasury immediately prior to closing. M&I's existing warrants held by the U.S. Treasury will also be purchased by BMO.

SOURCE: BMO

Register here to receive our Latest Headlines email newsletter




Leave a Comment