Monday, September 15, 2008

What Takeover?

Has Bank of America Chairman Ken Lewis come to his senses? Has the ether Merrill Chairman John Thain slipped Lewis during his sales pitch to get Lewis to buy Merrill, at a premium to the market price in the middle of a crisis, worn off?

Somebody thinks so.

Merrill Lynch shares closed today at $17.06, up all of one cent since Bank of America agreed to buy the company for stock at $29.

BTW: It's clear B of A shareholders think Lewis has lost his mind. B of A closed down 21.31% to $26.55, a drop of $7.19 on the day.

-Robert Wenzel

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