stoic-shareholders-bless-bank-of-americamerrill-marriage

Stoic shareholders bless Bank of America-Merrill marriage

Shareholders of both companies support the merger; a large reduction in staff is likely to be the next announcement.
December 07, 2008
On Friday, at their respective special meetings, shareholders of both Bank of America BoA and Merrill Lynch approved the merger of the two institutions at a ratio of 0.8595 BoA share for every Merrill share. Details of how many voted in favour of the merger were not available.

The shareholder approval was a foregone conclusion at Merrill Lynch. For its shareholders, the merger is a lifeline. This has become even more apparent in increasingly choppy market conditions which have forced Citi and Morgan Stanley to seek bailout capital. The larger BoA balance sheet will give Merrill Lynch the ability to weather the market downturn and provide a stable source of capital from...
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