Summary
BOSTON -- State Street Corp. said Monday it will buy Investors Financial Services Corp. for $4.16 billion in stock to expand into providing institutional asset services for the fast-growing hedge fund industry and funds managed overseas.
State Street said it eclipsed other bidders to reach an agreement between two Boston-based firms that would pay IFS investors a hefty premium on their shares. That premium shrank quickly Monday, from 38 percent before the deal was announced to 29 percent as the news dragged down State Street's stock. Shares of Investors Financial Services still soared 27 percent.See the full content of this document
Extract
State Street Corp. To Buy Company
IFS provides investment services for $2.2 trillion in assets. Its revenue has grown at an annual rate of 18 percent over the past three years. State ...
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