Arbor National Holdings BankAmerica merger exchange ratio determined.UNIONDALE, N.Y.--(BUSINESS WIRE)--Jan. 26, 1995--Arbor National Holdings Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ARBH) and BankAmerica Corp. (NASDAQ:BAC BAC abbr. blood alcohol concentration ) announced today that the exchange ratio for Arbor's pending stock merger with a subsidiary of BankAmerica has been determined. Based on the formula set forth in the merger agreement, each share of Arbor common stock outstanding at the effective time of the merger will be exchanged for 0.4103 of a share of BankAmerica common stock. Cash will be paid to Arbor shareholders in lieu of any fractional share Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. interests of BankAmerica common stock resulting from the exchange ratio. The exchange ratio was calculated using a Final Per Share Merger Price of $16.5754, which was determined based on the formula in the merger agreement providing for adjustments to the initial per share merger price of $16.35. Earlier this week at a special meeting, Arbor's shareholders voted to approve the merger. Arbor and BankAmerica expect that the merger will close on Jan. 31, 1995, subject to the satisfaction of certain closing conditions. CONTACT: Arbor Joseph Martello, 516/832-5209 Joseph Heller Noun 1. Joseph Heller - United States novelist whose best known work was a black comedy inspired by his experiences in the Air Force during World War II (1923-1999) Heller , 516/832-5303 or BankAmerican Richard Beebe Richard Beebe (c. 1930-August 29, 1998) was on the air for five decades in Los Angeles and won two Golden Mic Awards. It was his experience and wit that moulded The Credibility Gap into its famous four man group. , 415/953-2760 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion