The deal, led by Merrill Lynch and Credit Suisse, priced at $12 a share at the bottom of its revised offer range, an estimated 2009 PE ratio of 22.6.
The deal succeeded despite exceptionally tough market conditions. The Dow, S&P 500 and Nasdaq fell 8.0%, 10.9% and 13.8% respectively and the broad group of comparables traded off 6.0% during the marketing period. Over the same period, the Vix volatility index increased 16.6%. On the day of pricing, the Dow, S&P500 and Nasdaq fell 5.1%,
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