NEW YORK (Reuters) - Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz) and Merrill Lynch & Co (MER.N: Quote, Profile, Research, Stock Buzz) shareholders will vote December 5 on the proposed merger of the two companies.
Bank of America agreed on Sept 15 to acquire Merrill, creating the largest U.S. bank by assets, in a transaction the companies valued at $50 billion. The value has since fallen because Bank of America shares have declined 30 percent.
Bank of America agreed to issue 0.8595 of a share for each Merrill Lynch share. Shareholders of record as of Oct 10 will be entitled to vote.
The merger requires approval from Bank of America shareholders because of the large number of shares the bank plans to issue. Bank of America shareholders also will vote whether to increase the number of authorized shares outstanding to 10 billion from 7.5 billion.
Bank of America and Merrill expect to complete the merger by year end.
(Reporting by Jonathan Stempel; editing by Carol Bishopric)
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