Mercantile: A Smart Buy for PNC?
Investors snapped up shares of Mercantile Bankshares (MRBK) Monday after the company announced it had agreed to be acquired by big regional bank PNC Financial Services (PNC) for $6 billion, or $47.24 per share. Mercantile holders will receive 0.4184 PNC share plus $16.45 cash per Mercantile share. Shares of Mercantile jumped more than 21% to $44.55 in midday Monday trading, but PNC's stock slipped 5.6% to $69.50 as Wall Street fretted about the purchase price.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.