Wilmington Trust Diving On Take Under (WL)

Wilmington Trust Corporation WL is down substantially this morning, dropping 44% after M&T Bank MTB said it pay $3.84 per share for the company, payable in stock. Wilmington Trust CEO Donald Foley said the lender continues to "face difficult financial realities associated with the credit quality of the loan portfolio in our banking business." The board examined other alternatives before ultimately settling on a deal with M&T Bank. The deal values Wilmington Trust at $351 million, a far cry from the $650 million it was valued at on Friday.