Breaking News: BoA to Buy MBNA for $35 Billion

Bank of America has signed a definitive agreement to buy MBNA, the No. 1 independent global credit-card lender, for $35 billion, MarketWatch has just reported.

The Charlotte, N.C., bank, the second-largest bank in the U.S., is acquiring MBNA, of Wilmington, Del., for $27.50 a share of cash and stock.

With MBNA shares closing at $21.07 yesterday, BoA is paying a 31% premium for MBNA.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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