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First Republic Bank shareholders to vote July 26 on Merrill Lynch merger
By Lisa Kerner
Charlotte, N.C., June 22 - First Republic Bank will hold a special meeting of stockholders at 10 a.m. ET on July 26 for the purpose of approving the proposed merger with Merrill Lynch & Co., Inc.
The board of directors of First Republic unanimously adopted the Jan. 29 merger agreement among Merrill Lynch, First Republic and Merrill Lynch Bank & Trust Co., FSB.
Under the merger agreement, First Republic shareholders may elect to receive cash, or cash and Merrill Lynch common stock, for a total per-share value of $55.
Merrill Lynch expects to issue approximately 9.9 million shares of common stock to First Republic stockholders upon completion of the transaction, according to the company's proxy materials. The total transaction is valued at $1.8 billion.
The agreement includes a $65 million termination fee.
First Republic, a San Francisco-based private banking and wealth management firm, will operate as a stand-alone brand within Merrill Lynch, retaining its name, current management structure and headquarters.
Merrill Lynch is a wealth management and capital markets advisory company based in New York.
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