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Bank of America buys Merrill Lynch

by profsilver on September 14th, 2008

Wall Street has gone mad this weekend!

While everyone was focusing on Lehman’s desperate search for a buyer, who knew Merrill Lynch was for sale? 

A word of advice for this market, particularly banks: everything is for sale.

Bank of America has agreed to buy Merrill Lynch for $44 billion.  This deal equates to roughly $29 per share.  Merrill Lynch closed at $17.05 on Friday. 

The premium will ensure that at least one bank will open higher tomorrow.

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