This board has been migrated to our new platform! Check out the new home page at discussion.fool.com or click below to go directly to the new Board on the new site.
Good morning,Chase Manhattan Corp. agreed to pay $1.35 billion cash for Hambrecht & Quist Group, giving the second-largest U.S. bank the stock underwriting business it has long sought. Chase will pay $50 a share for Hambrecht & Quist, 22 percent more than yesterday's closing price of 41 1/16. Chase will also set aside $200 million in stock to retain key Hambrecht & Quist bankers. H&Q shares rose 7 11/16 to 48 3/4 in morning trading; Chase fell 1 to 73 1/8. ``It adds another arrow to the quiver of their services,' said Stephen Berman, senior equity analyst at Stein Roe & Farnham Inc., which owns about 800,000 Chase shares. According to today's Bloomberg news, investors had speculated Chase would merge with a Wall Street investment bank such as Morgan Stanley Dean Witter & Co. or Merrill Lynch & Co. Instead, it becomes the third East Coast commercial bank to buy a San Francisco-based investment bank in two years. Click on the Quote box above and scroll down to the "news" link to read the full press release.Keep Foolish and Prosper, Spirit
Hi Guys from over the pond.Hehehe, it was going to happen at some point, right?I bought in a few months ago around the $36 level knowing of HQ's expansion plans here in the U.K.I guess the question is, who's next.Now that Robertson, Stephens & Montgomery Securities have gone, will it be one of the bigger houses like Bear, Stearns or Lehman Brothers? Jeffries even?I was tempted to buy calls in both of them about 2 months ago but didn't quite feel right.Views/suggestions most welcome.FYI, email is:[email protected] Have a good one,MAX
Best Of |
Favorites & Replies |
My Fool |