BMO Financial Group Receives Bank Regulatory Approvals to Acquire Marshall & Ilsley Corporation

Bank of Montreal BMO today announced that it has received all key bank regulatory approvals required to complete its acquisition of Marshall & Ilsley Corporation MI. It is anticipated that the acquisition will close on July 5, 2011. "We are very pleased to have obtained all key bank regulatory approvals to complete the acquisition of Marshall & Ilsley Corporation," said Bill Downe, president and chief executive officer, BMO Financial Group. "Given BMO's strong capital position, we have concluded that it will not be necessary to proceed with a common share offering related to this transaction -- previously disclosed to be less than $400 million." In accordance with the terms of the merger agreement, M&I shareholders will receive 0.1257 of a Bank of Montreal common share in exchange for each share of M&I common stock they own, with fractional entitlements to Bank of Montreal common shares being paid in cash.