Wachtell Reps Comerica In $1B Sterling Bancshares Buy

Law360, New York (January 18, 2011, 3:59 PM EST) -- Comerica Inc. has agreed to buy Sterling Bancshares Inc. in a $1 billion, all-stock deal that will expand Comerica's reach in Houston and San Antonio and add $4 billion to its deposit base, the companies said Tuesday.

Each outstanding share of Sterling common stock will be exchanged for 0.2365 shares of Comerica common stock upon closing, the parties said. Based on Comerica's $42.28, 15-day average share price on the New York Stock Exchange through Jan. 11, the deal is worth about $1.03 billion.

Comerica said it...
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