National Processing shareholders approve agreement and plan of merger
National Processing, Inc. (NYSE: NAP) today announced that its shareholders have adopted the Agreement and Plan of Merger dated as of July 12, 2004, by and among Bank of America Corporation, Monarch Acquisition, Inc., an indirect wholly owned subsidiary of Bank of America, and National Processing, Inc. In the merger, National Processing, Inc. will merge into Monarch Acquisition, Inc. and will become an indirect wholly owned subsidiary of Bank of America.
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The Agreement and Plan of Merger was adopted by the affirmative vote of shareholders owning 49,885,649 of the 53,354,474 National Processing common shares entitled to vote on merger. Under terms of the agreement, each outstanding National Processing common share will be converted into the right to receive $26.60 in cash, without interest. The merger agreement was announced on July 13, 2004, and is expected to close as early as October 15, 2004, subject to satisfaction of customary closing conditions.