NEW YORK — Wilmington Trust Corp. shares surged Friday after Bloomberg News reported the Delaware bank is in talks with two Canadian banks about a potential buyout.
The bank has told potential buyers it hopes to reach a deal by the end of the month, Bloomberg reported.
Wilmington Trust shares were recently up 13% at $9.12 on heavy volume and earlier rose as high as $9.64. The stock move triggered a single-stock circuit breaker.
A company representative wasn't immediately available for comment.
Bloomberg reported that Canada's Bank of Montreal is among the banks that have held talks with Wilmington Trust, and Toronto-Dominion Bank has also been approached.
Bank of Montreal didn't immediately respond to a request for comment, while Toronto-Dominion said it doesn't comment on rumors or speculation.
Earlier this month, Wilmington Trust's shares sank to lows not seen since the early 1990s following reports that it was looking for capital from private-equity firms. The bank has had five consecutive quarters of losses.
