Schumer an Cuomo don't realize the precarious position First Niagara is in. It NEEDS this deal to go through in order to survive. If any governor should be upset by this deal it is Governor Kasich, because KEY is definitely getting the short end of this deal. KEY is (or at least was) a solid bank with good earnings. They are buying a bank that is rotten to the core. This deal is worse for KEY than the HSBC deal was for FNFG.
More jobs will be lost if the deal doesn't go through than if it does.
Key has a tangible book value of a little over $11.00 a share, and before the FNFG deal was announced, was trading at about $13.50 a share, or about 25% over tangible book. FNFG has a tangible book of about $4.00 a share.
If you think that is bad, take a look at the PE of KEY, and compare that to the PE of FNFG.
Do you think your board of directors made a good decision?