TORONTO (AP) — Bank of Montreal said Tuesday that bank regulators have signed off on its acquisition of Milwaukee-based bank Marshall & Ilsley Corp., clearing the way for the transaction to close on July 5.
The all-stock deal was valued at $4.1 billion in December.
Toronto-based BMO Financial Group, which owns the Canadian bank, said it will skip a planned stock offering related to the deal because of its strong capital position.
The deal calls for M&I shareholders to receive 0.1257 of a Bank of Montreal common share in exchange for each share of M&I common stock they own. Fractional entitlements to Bank of Montreal common shares will be paid in cash.
BMO, which also owns Harris Bank in Chicago, said last month that the name of the merged banking firm will be BMO Harris Bank. The management team will include executives from BMO, M&I and Harris.
Shares of BMO rose 91 cents, or 1.5 percent, to $63.01 in afternoon trading in New York.
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