Metris

HSBC to buy Metris for $1.59 bln
Thu Aug 4, 2005 8:17 AM ET

NEW YORK, Aug 4 (Reuters) - HSBC Finance Corp., a unit of Britain's HSBC Holdings Plc (HSBA.L: Quote, Profile, Research) (HBC.N: Quote, Profile, Research), on Thursday said it agreed to buy Metris Cos. (MXT.N: Quote, Profile, Research) for $1.59 billion in stock in a merger of two large credit card companies.

Metris shareholders are to receive $15 for each of their shares if the purchase closes by Dec. 9. That represents a 1 percent premium over the shares' Wednesday closing price on the New York Stock Exchange.

Considering Metris is one of my company's biggest clients... this is a big deal here. Everyone is all crazy about it.