Wilmington Trust/M&T Bank
On November 1, 2010, Wilmington Trust (NYSE: WL) announced plans to merge with M&T Bank (NYSE: MTB) in a deal valued at $341 million.
Under the terms of the deal, Wilmington Trust holders will get 0.51372 shares of M&T per share of WL they own. On a per share basis, the deal is valued at $3.84, based on the last day of trading prior to the announcement.
The deal is considered a take-under, as shares of Wilmington closed the prior session at $7.11 per share.
The deal is expected to close by mid-year 2011.
Lazard Freres & Co, LLC acted as lead financial adviser to Wilmington Trust and Morgan Stanley rendered a fairness opinion in connection with the transaction, and Skadden, Arps, Slate, Meagher & Flom LLP acted as its legal adviser. RBC Capital Markets acted as financial adviser to M&T, and Wachtell, Lipton, Rosen & Katz acted as its legal adviser in the transaction.
Under the terms of the deal, Wilmington Trust holders will get 0.51372 shares of M&T per share of WL they own. On a per share basis, the deal is valued at $3.84, based on the last day of trading prior to the announcement.
The deal is considered a take-under, as shares of Wilmington closed the prior session at $7.11 per share.
The deal is expected to close by mid-year 2011.
Lazard Freres & Co, LLC acted as lead financial adviser to Wilmington Trust and Morgan Stanley rendered a fairness opinion in connection with the transaction, and Skadden, Arps, Slate, Meagher & Flom LLP acted as its legal adviser. RBC Capital Markets acted as financial adviser to M&T, and Wachtell, Lipton, Rosen & Katz acted as its legal adviser in the transaction.
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Wilmington Trust (WL) Announces Take-Under by M&T Bank (MTB); Deal Valued at $3.84/Share
