Comerica Shares Jump 14% On $10.9 Bln Merger Deal With Fifth Third Bancorp

(RTTNews) - Comerica Incorporated (CMA) climbed 13.64 percent, gaining $9.63 to $80.18 on Monday, after announcing an all-stock merger agreement with Fifth Third Bancorp (FITB) valued at $10.9 billion.

The stock is currently trading at $80.18, compared with a previous close of $70.55 on the New York Stock Exchange. Shares opened at $81.00 and have traded between $79.06 and $83.22 so far today, with trading volume surging to 18.1 million shares, compared to an average of 2.0 million.

Over the past 52 weeks, Comerica shares have ranged between $48.12 and $83.22, with today's sharp gain pushing the stock toward the upper end of its yearly range following news of the merger.

Under the terms, Comerica shareholders will receive 1.8663 Fifth Third shares for each Comerica share, representing $82.88 per share and a 20 percent premium to Comerica's recent 10-day average.