Friday, February 16, 2007

Compass Bancshares Being Acquired in $9.6 Billion Deal

Dividend Aristocrat Compass Bancshares (CBSS) to be acquired by Spain's Banco Bilbao (BBV) in a transaction to be valued at $9.6 billion.
  • The deal is a 16.3 percent premium over Compass' closing stock price of $61.78 Wednesday on the Nasdaq Stock Market.
  • Compass shareholders can choose to receive either 2.8 Banco Bilbao American depository shares or $71.82 in cash per Compass share.
  • The deal is expected to close in the second half of the year, subject to customary closing conditions including necessary bank regulatory approvals in the U.S. and Spain and the approval of the stockholders of both Compass and Banco Bilbao.

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