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Why Is Merrill Lynch Trading Significantly below BAC's $29 Offer?

Your last paragraph contains the best advice. This is a highly toxic industry. This deal between BAC and Merrill simply does not ring true. That's why Merrill's share price retreated to its Friday close and it's heading lower in premarket trading today. The market is saying it does not believe this deal will go ahead. It's not that stupid. God knows what Lewis is up to. Maybe he was hoping this takeover would prop the market up and prop up BAC's shareprice. Clearly that hasn't worked.