On May 19, 2011 Businessweek.com reported that BlackRock Inc. had agreed to purchase Bank of America Corp.’s remaining 13.6 million shares of BlackRock for approximately $2.5 billion.
On May 19, 2011 Businessweek.com reported that BlackRock Inc. (NYSE:BLK) had agreed to buy out Bank of America Corp.’s remaining 13.6 million Series B convertible preferred shares in BlackRock for approximately $2.5 billion. The purchase price of $187.65 per share represents a 3.6 percent discount to the average closing price for the preceding 15-day period. The purchase will be funded with a combination of available cash and $2 billion of commercial paper, medium-term and long-term debt. Bank of America inherited the BlackRock stake when it acquired Merrill Lynch, which had obtained the stake in 2006 when it sold its asset management division to BlackRock. The transaction is expected to close on June 1.
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