For most of the year, M&T Bank (NYSE:MTB) has found itself the subject of unwelcomed speculation that the bank was an acquisition target of Banco Santander (NYSE:STD). With Allied Irish Banks' (NYSE:AIB) decision to publicly distribute its stake in MTB to shareholders, that speculation has largely died away, and in an interesting twist, M&T has become an opportunistic buyer of another bank.
The Deal
M&T announced that it had reached an agreement to acquire Delaware-based Wilmington Trust (NYSE:WL) in an all-stock deal. In offering about 0.05 shares for each WL share, MTB management was valuing Wilmington at $3.84 a share on the basis of Friday's close. The fact that Wilmington reported earnings Monday morning and stated that tangible book value had fallen to $3.84 seems like a little more than just coincidence.
M&T announced that it had reached an agreement to acquire Delaware-based Wilmington Trust (NYSE:WL) in an all-stock deal. In offering about 0.05 shares for each WL share, MTB management was valuing Wilmington at $3.84 a share on the basis of Friday's close. The fact that Wilmington reported earnings Monday morning and stated that tangible book value had fallen to $3.84 seems like a little more than just coincidence.
Please click the link for the full article:
http://stocks.investopedia.
No comments:
Post a Comment