Business Services Industry
Royal Bank of Canada Buys Minneapolis-Based Brokerage.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, October, 2000 by Ford, George C.
Sep. 29--Dain Rauscher, a Minneapolis-based regional brokerage with offices in Cedar Rapids and Iowa City, has agreed to be acquired by the Royal Bank of Canada for $1.5 billion in cash.
The merger, announced Thursday, gives Royal Bank, based in Toronto, a bigger foothold in the United States.
The deal values Dain Rauscher at $95 a share.
The company's stock rose 16.28 percent, or $13, to $92.88 on the New York Stock Exchange.
The merger is expected to be completed by the end of the year and needs approval from regulators and Dain Rauscher stockholders.
Dain Rauscher has operated an office in Cedar Rapids since 1973 and in Iowa City since 1975. David Myers, senior vice president, chief investment officer and branch manager...
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