Wilmington Trust (WL) Surges Over 25% On Specualtion of a Buyout
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Following a report in Bloomberg that Wilmington Trust (NYSE: WL) is supposedly contacting bigger institutions to gauge their interest in buying the company, shares surged enough to trigger a circuit breaker stop on the NYSE. The stock surged 25% to $9.64, and resumed trading at $9.23.
In the report, Bloomberg notes that Wilmington is aiming to reach a deal by the end of the month. Banks that may have been approached include TD Bank (NYSE: TD) and Bank of Montreal (NYSE: BMO).
Lazard Ltd. is advising Wilmington, according to sources.
Shares of the company have returned from days highs, and are now trading 11.7% higher to $9.01.
In the report, Bloomberg notes that Wilmington is aiming to reach a deal by the end of the month. Banks that may have been approached include TD Bank (NYSE: TD) and Bank of Montreal (NYSE: BMO).
Lazard Ltd. is advising Wilmington, according to sources.
Shares of the company have returned from days highs, and are now trading 11.7% higher to $9.01.
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