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The Bank of New York Mellon Corporation Message Board

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  • ronmanbk ronmanbk Apr 19, 2007 11:02 AM Flag

    Right Direction

    OK, Here's an oldtimer (37 years with BK retired in 1999). Let's not get too excited with the Mellon deal. The annual report had a comment by Renyi regarding the upcoming Mellon merger. He said that this deal would be immediately accredtive to BK shareholders. If the stock price of the new company will be based on the average price of both stocks for the six months prior to the close of the deal, and BK shareholders get roughly .95 shares of the new company for each share of BK, just how is this accreditive. For example, if the new company's stock price opens at $43.00, and we BKers get .95 per share, our price will be roughly $40.85. Maybe I've misunderstood the whole process or Renyi is doing it with mirrors again.

    Let's not forget that the stock hit $60 just after Renyi took over so we've lost 33% during his stellar tenure. Forget the last 12 months 30% increase that brought us to a wowie $41. Since Renyi took over, the top ten of his team has reked in over $500 million in compensation and goodies, that's a half a BILLION dollars. The shareholders didn't exactly get value from this "team".

    Any thoughts, comments or incite on of this rambling would be appreciated.

 
BK
36.00-0.27(-0.74%)Jan 30 4:00 PMEST

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