Overview

• Northern Trust shares jumped nearly 6% in premarket trading after reports of merger discussions.
• Northern Trust publicly rejected merger interest, emphasizing its commitment to remain independent.
• BNY Mellon is considering its next steps and may return with a formal offer.
• A combined entity would oversee more than $3 trillion in assets and face antitrust and regulatory scrutiny.
• Citi analysts view a deal as mutually beneficial but expect only about a 10% premium given Northern Trust’s high valuation.