8-KAcquisitions & DispositionsExhibits & Filings

PNC FINANCIAL SERVICES GROUP, INC. 8-K Report, Acquisition Completed (Mar 8, 2007)

Filed March 8, 2007For Securities:PNC

Summary

PNC Financial Services Group, Inc. has officially completed its merger with Mercantile Bankshares Corporation, as announced in this Form 8-K filing dated March 8, 2007. The merger, effective March 2, 2007, represents a significant strategic acquisition for PNC, expanding its market presence and operational scale. Investors should note the terms of the transaction, which involved a combination of PNC common stock and cash paid to Mercantile shareholders, as well as the conversion of Mercantile's outstanding equity awards.

Key Highlights

  • 1PNC Financial Services Group, Inc. has successfully completed its merger with Mercantile Bankshares Corporation.
  • 2The merger officially closed on March 2, 2007, at 11:59 p.m.
  • 3Mercantile Bankshares Corporation merged with and into PNC, with PNC as the surviving corporation.
  • 4Mercantile shareholders received 0.4184 shares of PNC common stock and $16.45 in cash per share.
  • 5PNC will pay an aggregate of approximately $6 billion in a combination of PNC common stock and cash to Mercantile stockholders.
  • 6Mercantile's outstanding stock options, restricted shares, restricted stock units, and phantom stock units were converted or cancelled according to the merger agreement terms, receiving cash or PNC stock equivalents.
  • 7The transaction was governed by an Agreement and Plan of Merger dated October 8, 2006.

Frequently Asked Questions

The main event reported is the completion of the merger between PNC Financial Services Group, Inc. and Mercantile Bankshares Corporation, which officially occurred on March 2, 2007.

Mercantile shareholders received 0.4184 shares of PNC common stock and $16.45 in cash for each share of Mercantile common stock they owned.

PNC paid an aggregate of approximately $6 billion to Mercantile stockholders, consisting of a combination of PNC common stock and cash.

Mercantile's outstanding stock options, restricted shares, restricted stock units, and phantom stock units were cancelled. Holders received cash payments for options (equal to the spread over the exercise price) and either cash or PNC stock equivalents for other awards, as per the merger agreement.