(Reuters) – BB&T Corporation said on Thursday it will buy SunTrust Banks Inc for $28.24 billion in an all-stock deal, creating the sixth largest U.S. bank based on assets and deposits.
The companies called it a merger of equals, valued at $66 billion.
SunTrust - Shareholders - Shares - BB - T
SunTrust shareholders will receive 1.295 shares of BB&T for each share they own. The per share deal value of $62.85 is at a 7 percent premium to SunTrust’s closing price on Wednesday, according to a Reuters calculation.
BB&T shareholders will own 57...
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