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M&T Bank (NYSE:MTB) and Wilmington Trust (NYSE:WL) issued a joint statement saying they entered into a definitive agreement to merge the companies. Wilmington Trust shareholders will receive 0.051372 shares of M&T common stock in exchange for each share of Wilmington Trust common stock they hold. The stock-for-stock deal is valued at approximately $351 million and is expected to close by mid-year 2011. M&T Chairman and CEO, Robert G. Wilmers said, "This strategic partnership brings together two institutions that share many common values, and that operate several distinct but complementary lines of business. By leveraging the combined strengths of both organizations, we are building an even more powerful franchise with strength and stability, scale and density and top-of-class products and services."
From: FinancialNewsOnline
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Post originale: http://www.youtube.com/watch?v=4XBsPUEsDOw&feature;=youtube_gdata
