Bank of America and PNC price BlackRock shares
Bank of America (BAC) sold about 43.6 million common shares of BlackRock (BLK) and PNC Financial Services(PNC) sold 7.5 million for $163 a share, as the banks shed investments in non-core businesses. As reported last week, BlackRock will not receive any of the $8.3 billion of proceeds from the sale, which came at a roughly 3.6% discount to the Monday closing price of the world's largest fund manager, according to Bloomberg. In January, Blackrock's stock peaked at $242.81 a share. Bank of America also intends to sell another 2.4 million to an unnamed institutional investor at the offering price in a direct placement. The deal remains subject to approval by the investor’s board of directors. Barclays Capital, BofA Merrill Lynch and Morgan Stanley (MS) served as joint book-running managers for the first offering. BofA Merrill Lynch and Morgan Stanley will act as the placement agents for the direct placement. Write to Jacob Gaffney. The author holds no relevant investments.