NationsBank Corp. stunned the investment community Friday with its $9.6 billion agreement to acquire Boatmen's Bancshares of St. Louis.

Ending the bank megamerger lull with a bang, NationsBank elicited amazement - and a storm of criticism - for a price that was 1.4 times Boatmen's stock, 2.6 times book value, and about 15 times anticipated earnings next year.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.