M&A: Merrill Lynch to buy wealth management company

Under the terms of the transaction, which was announced on 29 January, 2007, First Republic stockholders will receive USD55.00 for each share of First Republic common stock. Stockholders may elect to receive cash or shares of Merrill Lynch common stock (or a combination of cash and Merrill Lynch common stock), subject to proration, such that the aggregate consideration to be paid by Merrill Lynch will be 50% cash and 50% Merrill Lynch common stock. The completion of the merger remains subject to the receipt of regulatory approval. The merger is currently expected to be completed in the third quarter of this year.

"We're very pleased with the overwhelming approval of the transaction by our stockholders," said Jim Herbert, President and CEO of First Republic Bank.

Company Statement: About First Republic Bank

First Republic Bank is a NYSE-traded, private bank and wealth management firm. The Bank and its subsidiaries specialise in providing personalised, relationship-based services, including private banking, private business banking, investment management, trust, brokerage and real estate lending. As of March 31, 2007, the Bank and its subsidiaries had total Bank assets and other managed assets of USD34.1 milliard. First Republic Bank provides access to its services online and through preferred banking or trust offices in ten major metropolitan areas: San Francisco, Los Angeles, Santa Barbara, Newport Beach, San Diego, Las Vegas, Portland, Seattle, Boston and New York City.

BISfaculty presents Mergers and Takeovers in the Financial Services Industry in Hong Kong on 2 / 3 October 2007. Click here for details