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At what price per share did Bank of America purchase Merrill Lynch?
Wiki User
∙ 15y ago
29 USD per share
Wiki User
∙ 15y ago
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What's the future status of Merril Lynch and their relationship with Bank of America?
On September 14, 2008, Bank of America announced it was in talks to purchase Merrill Lynch for $38.25 billion in stock. The Wall Street Journal reported later that day that Merrill Lynch was sold to Bank of America for 0.8595 shares of Bank of America common stock for each Merrill Lynch common share, or about $50 billion or $29 per share. This price represented a 70.1% premium over the September 12 closing price or a 38% premium over Merrill's book value of $21 a share, but that also meant a discount of 61% from September 2007. They had been in talks with several companies and even rivals to merge because they were taking billion dollar hits on the national housing crisis and consistantly losing millions. They were up to losing $52 million� daily! They basically fired their CEO and waved the white flag. Bank of America took over.
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What gross purchase price mean?
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The Purchase Price was created on 1932-07-23.
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The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.
