Eaton Vance surges 46% on Morgan Stanley’s cash-and-stock offer
The Wall Street bank offers $7bn for Eaton Vance in its second major acquisition in 2020 as it bulks up on the steadier business of money management
08 October 2020 - 17:09
New York — Morgan Stanley agreed to purchase Eaton Vance for about $7bn in CEO James Gorman’s second major acquisition in 2020, both of which tilt the investment bank further towards the steadier business of money management.
Eaton Vance shareholders will receive a total cash-and-stock consideration of about $56.50 a share, Morgan Stanley said in a statement on Thursday. That represents a 38% premium over Eaton Vance’s closing price on Wednesday...
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