9.6 In the fall of 1987 the Bank of New York (BONY) offered to exchange 1.575 shares
Question:
9.6 In the fall of 1987 the Bank of New York (BONY) offered to exchange 1.575 shares of BONY common stock, plus $15 in cash per common share of Irving Bank Corporation.
Company data for 1987 were as follows:
192 Chapter 9 Mergers and Acquisitions Irving BONY Pro-forma net income available to common∗ $118 m $153.5 m Common shares (fully diluted) 18.391m 33.092m Pre-announcement stock price $39.337 $31.526
*After eliminating the effect of certain extraordinary items.
Calculate the following:
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