First Chicago Corp. apparently has ensured its continued corporate existence by agreeing to a merger of equals with NBD Bancorp, but experts say it is unclear whether shareholders are properly served by the deal.

Long an object of takeover speculation, First Chicago sidestepped that fate by agreeing to share managerial power with NBD. In so doing, however, the company may have forfeited a takeover premium of up to $2.3 billion.

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