BMO Buyout Marshall & Ilsley Investigated by Tripp Levy PLLC on behalf of Marshall & Ilsley Shareholders
December 17 2010 - 7:57AM
Business Wire
Tripp Levy PLLC, a leading national securities firm, announces
an investigation into the proposed acquisition of Marshall &
Ilsley Corp. (NYSE: MI). It was announced that MI entered into a
definitive merger agreement under which Bank of Montreal (TSX: BMO)
(NYSE: BMO) will acquire all the outstanding shares of MI in a
stock-for-stock transaction. Under the terms of the agreement, each
share of MI will be exchanged for 0.1257 shares of BMO upon
closing. Based on the closing share price of BMO on the TSX as of
Dec. 16, 2010, each share of MI is valued at $7.75 per share.
However, in connection with the merger agreement, MI issued to
BMO an option to purchase up to 19.7% of MI common shares, thus
providing BMO with a significant interest in MI in order to vote in
favor of the proposed buyout.
The investigation concerns, among other things, whether the
consideration to be paid to MI shareholders is grossly unfair,
inadequate, and substantially below the fair or inherent value of
MI. Indeed, analysts have projected that MI’s true inherent value
is at least $9.50 per share. The investigation further concerns
whether the board of directors of MI may have breached their
fiduciary duties by not acting in MI shareholders' best interests
in connection with the sale process of MI.
If you own MI common stock and you wish to discuss this matter
with us, or have any questions concerning your rights and interests
with regard to this matter, please contact
Tripp LevyTripp Levy PLLC125 East 82nd Street9th FloorNew York,
New YorkToll Free: 877-772-3975Email: contact@tripplevy.com
Tripp Levy PLLC is a national law firm that specializes in
mergers & acquisitions, takeover litigation, shareholder
rights, and corporate governance matters in state and federal
courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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