A.G. Edwards stockholders agree to merger with Wachovia

By Lisa Kerner

Charlotte, N.C., Sept. 28 - A.G. Edwards, Inc. stockholders approved the acquisition of the company by Wachovia Corp. and its subsidiary White Bird Holdings, Inc. at a special meeting on Friday. The transaction, first announced in May, is slated to close on or about Monday.

"We are very pleased to have received such strong support from our stockholders on our merger with Wachovia," A.G. Edwards chairman and chief executive officer Robert L. Bagby said in a company news release.

"We look forward to our next steps toward completing this merger and demonstrating the value our firm brings to Wachovia for the benefit of clients, employees and stockholders alike."

It was previously reported that Wachovia agreed to acquire A.G. Edwards and combine the company with Wachovia Securities, LLC to create a St. Louis-based retail brokerage firm with $1.1 trillion in client assets and nearly 15,000 financial advisers.

A.G. Edwards' shareholders will receive 0.9844 of a share of Wachovia common stock and $35.80 in cash, for a total value of about $89.50 per A.G. Edwards share.

A.G. Edwards is a financial services holding company located in St. Louis. Wachovia is a diversified financial services company based in Charlotte, N.C.

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