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01 Oct 2008
Statement Regarding Merrill Lynch/Bank of America Merger
Merrill Lynch and Bank of America have announced a merger in which Bank of America will acquire Merrill Lynch. We have received many questions with regards to how this transaction will affect BlackRock. BlackRock is and, following the transaction will remain, an independent publicly traded investment management firm. This transaction has no effect on the structure of our Board and will reinforce our independent governance. As you may know, we have a global distribution agreement (GDA) and stockholder agreement with Merrill Lynch. Upon the closing of the BofA/Merrill Lynch transaction, BofA will become a shareholder of BlackRock and these agreements will continue and be binding upon BofA. The GDA will be extended to the fifth anniversary of the BofA/Merrill transaction, and our Stockholders Agreement will continue until the later of July 2013 or when the investment in BlackRock falls below 20%. We look forward to working with BofA as an important partner of BlackRock.Press & Media Kits
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