Deals
Bank of Montreal Agrees to Buy Marshall & Ilsley
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Bank of Montreal’s agreement to buy Wisconsin lender Marshall & Ilsley Corp. for about $4.1 billion in stock will double its U.S. deposits and branches and may spark more mergers among regional banks.
Bank of Montreal agreed to pay 0.1257 of its own stock for each share of Marshall & Ilsley to expand its Chicago-based Harris Bank, Canada’s fourth-biggest lender said today in a statement. The deal values M&I at $7.75 a share, 34 percent higher than yesterday’s closing price of $5.79 on the New York Stock Exchange.