May-Robinson’s Merger OKd

NEW YORK — The boards of directors of Associated Dry Goods Corp., parent of Robinson’s, and May Department Stores Co. today unanimously approved a $2.6-billion stock swap merger that will create one of the nation’s largest retailers, the companies announced.

Under the now definitive agreement, Associated shareholders are to receive for each of their shares 0.86 of a May share. Based on May’s closing stock price Thursday, the value would amount to $63.425 a share. The final value of the deal will depend on the price of May’s stock on the day the merger is completed.