Marshall & Ilsley Corporation Enters Into Accelerated Share Buyback
April 26 2007 - 8:43AM
PR Newswire (US)
MILWAUKEE, April 26 /PRNewswire-FirstCall/ -- Marshall & Ilsley
Corporation (NYSE:MI) (M&I) today announced it has repurchased
3.25 million shares, or approximately 1.2 percent of its
outstanding common stock. The shares were purchased from Merrill
Lynch International through an accelerated share repurchase program
at $48.03 per share for a total cost of approximately $156 million.
The accelerated share repurchase program enabled M&I to
purchase the shares immediately, while Merrill Lynch International
will purchase shares in the open market over a period not expected
to exceed 60 days. After this period, M&I may receive or be
required to pay a price adjustment based on an adjusted weighted
average price as defined in its agreement with Merrill Lynch
International. After the repurchase that was announced today,
approximately 8.75 million shares remain available under prior
repurchase authorizations by Marshall & Ilsley Corporation's
Board of Directors. After this repurchase, M&I has
approximately 259 million common shares outstanding. Marshall &
Ilsley Corporation (NYSE:MI) is a diversified financial services
corporation headquartered in Milwaukee, Wis., with $56.5 billion in
assets. Founded in 1847, M&I Marshall & Ilsley Bank is the
largest Wisconsin-based bank, with 193 offices throughout the
state. In addition, M&I has 47 locations throughout Arizona; 30
offices along Florida's west coast and central Florida; 17 offices
in Kansas City and nearby communities; 17 offices in metropolitan
Minneapolis/St. Paul, and one in Duluth, Minn.; three offices in
Tulsa, Okla.; and one office in Las Vegas, Nev. M&I's Southwest
Bank subsidiary has 16 offices in the greater St. Louis area.
Metavante Corporation, a wholly owned subsidiary, provides a full
array of technology products and services for the financial
services industry. On April 3, 2007, Marshall & Ilsley
Corporation announced its plans to split Metavante Corporation and
Marshall & Ilsley Corporation into independent publicly traded
companies. M&I also provides trust and investment management,
equipment leasing, mortgage banking, asset-based lending, financial
planning, investments, and insurance services from offices
throughout the country and on the Internet (http://www.mibank.com/
or http://www.micorp.com/). M&I's customer-based approach,
internal growth, and strategic acquisitions have made M&I a
nationally recognized leader in the financial services industry.
This press release contains forward-looking statements concerning
M&I's future operations and financial results. Such statements
are subject to important factors that could cause M&I's actual
results to differ materially from those anticipated by the
forward-looking statements. These factors include (i) the factors
identified in M&I's Annual Report on Form 10-K for the year
ended December 31, 2006 under the heading "Forward-Looking
Statements" which factors are incorporated herein by reference, and
(ii) such other factors as may be described from time to time in
M&I's SEC filings. DATASOURCE: Marshall & Ilsley
Corporation CONTACT: Greg Smith, senior vice president and chief
financial officer, +1-414-765-7727, or Dave Urban, vice president
and director of investor relations, +1-414-765-7853, both of
Marshall & Ilsley Corporation Web site: http://www.micorp.com/
http://www.mibank.com/
Copyright
Marshall & Ilsley (NYSE:MI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marshall & Ilsley (NYSE:MI)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Marshall & Ilsley Corp (New York Stock Exchange): 0 recent articles
More Marshall & Ilsley News Articles