Merger attempts of large US banks in 2008
| Acquirers | Targets | Method of payment | Announcement date | Government support (2) | Deal agreed voluntarily (3) |
|---|---|---|---|---|---|
| Successful merger attempts | |||||
| JPMorgan Chase (JPM) | Bear Stearns (BSC) | All stock | Mar-08 | Yes | No |
| JPMorgan Chase (JPM) | Washington Mutual (WAMU) | Issue new stocks (1) | Sep-08 | No | Yes |
| Bank of America (BAC) | Merrill Lynch (MER) | All stock | Sep-08 | No | Yes |
| Bank of America (BAC) | Countrywide (CFC) | All stock | Jan-08 | No | Yes |
| Wells Fargo (WFC) | Wachovia (WB) | All stock | Oct-08 | No | Yes |
| Failed merger attempts | |||||
| Bank of America (BAC) | Lehman Brothers (LEH) | Sep-08 | No | No |
| Acquirers | Targets | Method of payment | Announcement date | Government support (2) | Deal agreed voluntarily (3) |
|---|---|---|---|---|---|
| Successful merger attempts | |||||
| JPMorgan Chase (JPM) | Bear Stearns (BSC) | All stock | Mar-08 | Yes | No |
| JPMorgan Chase (JPM) | Washington Mutual (WAMU) | Issue new stocks (1) | Sep-08 | No | Yes |
| Bank of America (BAC) | Merrill Lynch (MER) | All stock | Sep-08 | No | Yes |
| Bank of America (BAC) | Countrywide (CFC) | All stock | Jan-08 | No | Yes |
| Wells Fargo (WFC) | Wachovia (WB) | All stock | Oct-08 | No | Yes |
| Failed merger attempts | |||||
| Bank of America (BAC) | Lehman Brothers (LEH) | Sep-08 | No | No |
Note(s): (1) New stocks were issued to raise cash to pay for the acquisition. All other acquisitions are stock for stock deals
(2) “Government support” indicates that there was government support for the deal on the event day
(3) “Deal agreed voluntarily” indicates that deal agreed with no government support
Source(s): Financial Commission (2011), Annual reports of acquiring banks
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