The BMO Financial Group, parent of Bank of Montreal, has announced that it will acquire Wisconsin-based bank Marshall & Ilsley for $4.1 billion.
Each outstanding share of M&I will be exchanged for 0.1257 shares of Bank of Montreal in the stock-for-stock transaction that values each M&I share at $7.75, a 33 percent premium to M&I’s closing price on Dec. 16. Both the BMO and M&I boards have approved the transaction, which is expected to close prior to July 31.
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