Bank of America Close to Merrill Deal
By BankersBall on Sep 14, 2008 in Cube Life, Job Hunting
The price tag: $44 BN.
While the deal had not yet been signed (as of late Sunday), several reports have emerged that Bank of America and Merrill were close to a deal. An anonymous sources told the WSJ that the boards of Merrill Lynch and Bank of America have both given approval.
Merrill reportedly approached Morgan Stanley on Friday, but the “talks didn’t go anywhere because there wasn’t enough time for Morgan Stanley to review the idea and Merrill wanted to do the deal quickly,” an anonymous source told the WSJ.
Talks with Barclays also folded earlier Sunday.
On Sep 15, 2008, Alex said:
A sad day on Wall Street. It’ll be interesting to see how things shake out when they combine Merrill Lynch with Banc of America Securities (its investment banking and capital markets division), especially with ML’s leadership taking over IB and S&T.