- PNC Financial Services says it is acquiring National City for about $5.58 billion and will receive $7.7 billion in capital from the federal government. PNC will pay $5.2 billion for National City through a stock transaction that values National City at about $2.23 per share, a 18.9 percent discount from Thursday's closing price of $2.75. The remaining $384 million will be a cash payment to certain warrant holders.
- Each National City shareholder would receive 0.0392 PNC share for each National City share.
Long PNC Financial in fund; no personal position
2 comments:
i thought this was very good news in horrible tape. Im noting that the banks havent done too horribly, and neither have the home builders.. I think the banks are finally seeing stability, but its still being dragged by real estate.. which is slowing in its decent. So, 3 months for stocks to deathspiral on credit concerns, and another 3 for ROW.. and late q4 bounce?
im reaching.. i know..
Check out THOR...blowing up after hours current down 54% to 11. Turns out some of their heart pumps are defective and require surgery to repair. What a disaster.
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