Wilmington Trust and the M & T Bank Corporation, said Monday merge, creating a large bank in the eastern United States and a global provider of asset management.
The deal is for stock transaction, shareholders will receive 0.051372 shares of Wilmington M & T for each share of Wilmington. The agreement is worth U.S. $ 351,000,000 and it is expected that by the middle of next year.
M & T is based in Buffalo and holds assets $ 68200000000, and 10400000000 Wilmington has dollars in assets and is located in Wilmington, Delaware-based
"As our report shows in the third quarter, we continue the difficult financial reality of the credit portfolio quality of the portfolio in the face of banking-related," Wilmington Trust CEO Donald E. Foley said. "After our control commission a number of strategic alternatives and has initiated discussions with several potential partners."
M & T will receive 48 branches and 225 ATMs, with no overlap in the two banks, Wilmington and companies in the wealth of tips, which works with wealthy clients in 36 countries.
Wilmington hired Lazard as financial advisor and Skadden, Arps, Slate, Meagher & Flom as a lawyer. M & T hired RBC Capital Markets and Wachtell, Lipton, Rosen & Katz. Morgan Stanley has provided a fairness opinion. quote from http://dealbook.blogs.nytimes.com