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January 11, 2008

$4B in stock: Countrywide unloads itself.

Bank of America agrees to acquire Countrywide Financial for $4B in stock

NEW YORK (Thomson Financial) - Bank of America Corp. Friday agreed to acquire Countrywide Financial Corp. for roughly $4 billion in stock.

The deal calls for Bank of America to swap .1822 of a share for each share of Countrywide stock. The transaction values Countrywide shares at roughly $7.16 each, based on Thursday's close. This is roughly a 7.6% discount to the Countrywide's closing price of $7.75 on Thursday. [more]

Posted by Holden Oliver (Kitzb├╝hel Desk) at January 11, 2008 11:44 PM

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