US bank Fifth Third Bancorp announced Monday that it will acquire regional lender Comerica in an all-stock transaction valued at $10.9 billion, creating the ninth-largest bank in the country.
Under the deal, Comerica shareholders will receive 1.8663 Fifth Third shares for each Comerica share, representing $82.88 per share, a roughly 20% premium to Comerica's recent average stock price. Post-merger, Fifth Third shareholders will own about 73% of the combined entity, while Comerica shareholders will hold 27%.
