Financial risk between on the afternoon of monday

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Financial risk between On the afternoon of Monday, December 22, 2008, Ken Lewis, chairman and CEO of Bank of America Corporation, was preparing for a special meeting of Bank of America's board of directors, which would be held by telephone at 4 p.m. The meeting was critical to the future of Bank of America and to the future careers of Lewis and his top management team. The meeting offered the board its final opportunity to pull the plug on its acquisition of Merrill Lynch & Company, which was to be consummated in ten days' time (January 1, 2009). The acquisition, announced on September 15, 2008 (see Exhibit 1 for the press release), would create America's biggest financial services company in terms of total assets. It was the culmination of a succession of acquisitions that had transformed North Carolina National Bank first into NationsBank, then, after its 1998 acquisition of San Francisco-based BankAmerica, into Bank of America Corporation.

Reference no: EM133672131

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