Countrywide Holders Approve Bank of America Buyout (CFC, BAC)

If there were questions whether or not the first first of the large bank and lender deal would get done, it looks like that is history.   Countrywide Financial Corporation (NYSE: CFC) has announced that the results from its special stockholders meeting to vote on the acquisition by Bank of America Corp. (NYSE: BAC) was a stockholder approval.  The holders of more than 69% of the Countrywide common stock approved the stock transaction. Pending conditions, this merger is expected to close on July 1, 2008.

Countrywide shares are up 1.9% at $4.75 today and Bank of America shares are up 2.9% at $27.39 today.  The final buyout price based upon the full 0.1822 share conversion would be at an adjusted $4.99 based on Bank of America’s price.

Jon C. Ogg
June 25, 2008