State Street Corp. (STT) to Buy Investors Financial Services Corp. (IFIN)
State Street Corp. said Monday it will buy Investors Financial Services Corp. for $4.18 billion in stock to expand into providing institutional asset services for the fast-growing hedge fund industry and funds managed overseas.
State Street said it eclipsed other bidders in reaching a deal between two Boston-based firms that would pay IFS investors a 38 percent premium on the value of their shares. Shares of Investors Financial Services soared nearly 28 percent in midday trading, while State Street's stock tumbled 6 percent.
State Street said it eclipsed other bidders in reaching a deal between two Boston-based firms that would pay IFS investors a 38 percent premium on the value of their shares. Shares of Investors Financial Services soared nearly 28 percent in midday trading, while State Street's stock tumbled 6 percent.
Labels: IFIN, Investors Financial Services Corp., State Street Corp., STT
posted by Stock Administrator @ 8:14 PM
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