As a shareholder of MI for over a decade, here's my thoughts... MI has good market locations (St Louis, Twin Cities, Indy and largest share of WI). Problem was with mgmt messing up with expanding into Florida and AZ. Hopefully BMO will clean up problem loans and then synergy from recent Amcore purchase will allow them to become market leader in Midwest US.
It seems to me that by buying Anchor and M&I they will be #1 in Wisconsin market. US Bank is here, some credit unions but other than that it seems like small banks that likely will not survive or are not real competition.
I am surprised there have not been an anti-competitive concerns raised.