Bank of America agreed Monday to buy Merrill Lynch for $50 billion, so the No. 1 U.S. retail bank will become the world's largest wealth manager and broker. The deal values Merrill stock at $29 and represents a premium of 70 percent to Merrill's closing price Friday. Merrill Lynch sought legal advice from Shearman & Sterling, while its independent directors took legal advice from Cravath, Swaine & Moore. Bank of America's legal adviser was Wachtell, Lipton, Rosen & Katz.
Bank of America to Buy Merrill for $50 Billion
September 15, 2008