NEW YORK - Chase Manhattan Corp. today is expected to close its $1.35 billion purchase of Hambrecht & Quist Group, one day after completing its tender offer for all the common stock of the San Francisco-based investment bank.
Chase said Bridge Acquisition Corp., the subsidiary used to buy Hambrecht, had received more than 23 million shares of Hambrecht, or 94.5% of the firm's outstanding stock, by the offer's Dec. 8 deadline.
Under a special Delaware law - Chase and Bridge are both Delaware corporations - the merger will not have to be presented to shareholders for approval, Chase said.
When the deal closes, Hambrecht & Quist will become a subsidiary of Chase. Its chairman and chief executive officer, Daniel H. Case 3d, will retain those titles in addition to joining Chase's management committee. Mr. Case will also become head of Chase's global technology group.
Chase also officially revealed the name of the firm - Chase H & Q. The original plan was to call the unit, which will be located in San Francisco, Chase Securities West.
- Laura Mandaro