BofA Sells Back BlackRock Stake For $2.6B

Law360, New York (May 19, 2011, 2:28 PM EDT) -- Bank of American Corp. said Thursday that it has agreed to sell its remaining interest in New York-based BlackRock Inc. back to the giant asset manager for about $2.55 billion.

BofA will unload its 13.6 million shares in BlackRock for $187.65 per share — a 3.6 percent discount off of the company's average closing price over the past 15 days. BofA has been looking to shed its stake in BlackRock since it acquired a 34 percent share of the company upon purchasing Merrill Lynch & Co....
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