Wisconsin-based Marshall & Ilsley Corporation (M&I) has offered $400 million of its common stock for sale to the public. The underwriters in this offering will be granted an option to purchase up to an additional 15 percent of the shares sold.
M&I’s Board of Directors says that it is in the best interests of M&I and its shareholders. M&I may elect to repurchase a portion of its Senior Preferred Stock, Series B issued to the United States Department of the Treasury as part of its Capital Purchase Program with all or a portion of the remaining net proceeds of this offering.
However, any such repurchase would be subject to consultation with and approval by M&I’s banking regulators. Morgan Stanley & Co and Barclays Capital are acting as joint book-runners for the offering.
M&I provides investment management, equipment leasing, mortgage banking, asset-based lending, financial planning, investments, and insurance services from its offices and as well as online.
