The United States’ largest bank, Bank of America Corp., has agreed to acquire Merrill Lynch for approximately $50 billion. Based on current values, the transaction contemplates Bank of America paying approximately $29/share, in stock, for Merrill Lynch. This is a 70% premium above Merrill’s most recent closing price. Under the deal, each share of Merrill stock would be exchanged for .8595 shares of Bank of America stock. The ultimate value to Merrill Lynch shareholders will be dependent upon the price of Bank of America stock when the transaction closes. It is contemplated that the deal will close sometime in early 2009.