Offerings from the new funds are not expected until each of the former Ark Funds portfolios approves the reorganization. The funds plan to seek permission for the reorganizations at special shareholder meetings in August, and, if approval is granted, expect the reorganizations to take effect on or before August 31, according to a Dow Jones report.
The reorganizations stem from the recent approval by fede ral and state regulators of M&T ‘s applications to acquire Allfirst Financial, Inc from its parent company Allied Irish Banks PLC (AIB); a transaction that was consummated on April 1, 2003. Under terms of the acquisition agreement, AIB received 26.7 million shares of M&T common stock and approximately $886 million in cash in exchange for all of the outstanding stock of Allfirst, according to a news release.
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