raised the cash it needs to pay for its proposed $20.5-billion acquisition of Bank of the West on Tuesday by selling $2.7-billion of stock.
In this type of financing, investment banks purchase shares from a company such as BMO at a set price and take the risk that they can then sell the stock to investors. Bank of the West is currently owned by French giant BNP Paribas, which is selling the division to focus on expansion in Europe. The takeover is expected to close by the end of the year.
BMO sold the new shares at a 3-per-cent discount to the closing price of its stock Tuesday on the Toronto Stock Exchange. The underwriters have the option to buy an additional 2.7 million BMO shares for $149 each if there is investor demand.
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