PNC Bank Corp. came out swinging at critics of its planned merger with Midlantic Corp., asserting in a proxy statement that the deal would generate a higher return for shareholders than any alternatives, including its shelved share repurchase program.

The deal has been under intense scrutiny since Lehman Brothers analyst Michael Mayo issued a report last month predicting shareholders, unhappy with the merger's earnings dilution, would vote the acquisition down.

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.