There is only an LOI at this point. Sounds like they have ironed the details out on post-merger structure which is one component that can take a while to sort out, but there are many other things that have to happen before the merger closes. I would expect that there is still a vast amount of work left to get the two systems quantified (then re-quantified), sorted, and finalized from a business, accounting, and regulatory perspective so that the merger can close. That work takes time (two enormous systems + lots of attorneys + accountants/consultants + lots of contracts + the OIG/government looking in). Some of the work may have been done on the front end to develop the LOI and move the process along but expect a majority on the back end. I could be way off but I wouldn't expect this to close until 3Q13 at the earliest if not calendar year end 2013.
