LAWFUEL – US Law & Business – Davis Polk & Wardwell is advising Mercantile Bankshares Corporation in connection with the proposed acquisition by The PNC Financial Services Group, Inc. of Mercantile. Based in Baltimore, Mercantile is a $17 billion asset banking company that provides banking and investment and wealth management services through 240 offices in Maryland, Virginia, the District of Columbia, Delaware and southeastern Pennsylvania. PNC is one of the largest diversified financial services organizations in the United States, providing retail and business banking and specialized services for corporations and government entities.
According to the terms of the merger agreement, PNC will acquire Mercantile for a consideration valued at $47.24 per share, or approximately $6 billion in stock and cash. The transaction is expected to close during the first quarter of 2007, and is subject to customary closing conditions, including regulatory approval and the approval of Mercantile’s shareholders.
The Davis Polk corporate team includes partners George R. Bason Jr. and John H. Butler and associates Aly El Hamamsy, Ajay Lele and Jason Herrick. Partner Randall D. Guynn, counsel Arthur S. Long and associate Cristina V. Regojo are providing financial regulatory advice. Partner Ronan P. Harty is providing antitrust advice. Partners Jean M. McLoughlin and Beverly Fanger Chase are providing employment advice. Partner Kathleen L. Ferrell is providing tax advice. Partner Nora M. Jordan and associate Gregory S. Rowland are providing investment management advice. Samuel Lines is the legal assistant for the transaction. All members of the Davis Polk team work in the New York office.List your legal jobs on the LawFuel Network