Bank of America Corp. said Thursday that Merrill Lynch & Co.'s Chief Executive John Thain will take a new position at Bank of America once the bank completes its acquisition of Merrill.
The deal kept Merrill from a Bear Stearns-style fire sale or a complete meltdown like Lehman Brothers. At the same time, it will enable Bank of America to expand the financial services it offers to its already huge customer base.
The combined entity will create one of the nation's largest financial services firms.
Under terms of the transaction, Bank of America will exchange 0.8595 shares of Bank of America common stock for each Merrill Lynch common share. Based on Bank of America's closing price of $38.13 Wednesday, Merrill shareholders will receive about $32.77 per share.
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