BMO Financial Group Receives Bank Regulatory Approvals to Acquire Marshall & Ilsley Corporation
Bank of Montreal (NYSE: BMO) today announced that it has received all key bank regulatory approvals required to complete its acquisition of Marshall & Ilsley Corporation (NYSE: MI). It is anticipated that the acquisition will close on July 5, 2011. "We are very pleased to have obtained all key bank regulatory approvals to complete the acquisition of Marshall & Ilsley Corporation," said Bill Downe, president and chief executive officer, BMO Financial Group. "Given BMO's strong capital position, we have concluded that it will not be necessary to proceed with a common share offering related to this transaction -- previously disclosed to be less than $400 million." In accordance with the terms of the merger agreement, M&I shareholders will receive 0.1257 of a Bank of Montreal common share in exchange for each share of M&I common stock they own, with fractional entitlements to Bank of Montreal common shares being paid in cash.
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