Ameriprise Offers $1 Billion For Columbia Management

Ameriprise Financial Inc. (NYSE: AMP) offered to pay about $1 billion in cash to acquire Columbia Management, the long-term asset management operations from Bank of America (NYSE: BAC). Shares of Ameriprise leaped $3.99 to close at $36.33 while Bank of America stock eased 24 cents to close at $16.92.

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