Finance History | 11 Wall Street — One Point Three Shares and the Last U.S. Airframe Rival

People treat Boeing as a Seattle airframer that always stood alone on the tape.

The last U.S. rival in large civil jets still printed MD.

On 1 August 1997, at 12:01 a.m. Eastern Daylight Time, McDonnell Douglas Corporation merged into The Boeing Company.

Boeing's 31 July 1997 release valued the stock-for-stock deal at 16.3 billion dollars in 1997 currency.

Each McDonnell Douglas share converted into 1.3 shares of Boeing common stock, with cash paid in lieu of fractions.

McDonnell Douglas stock last traded on the New York Stock Exchange on 31 July 1997.

The closing ratio was the December 1996 agreement of 0.65 Boeing shares, restated after Boeing's two-for-one split in June 1997.

The mechanism is an all-stock absorption that retires one Big Board ticker and leaves a single U.S. maker of large commercial jets facing Airbus.

The pin is the Broad Street facade of the Exchange. Interior trading is not visitable from the sidewalk.

Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.