Wachovia Re-Opens, Some Value Remains (WB, C)

Banking, finance, and taxes

Published: September 29, 2008 1:43 pm

Last Updated: April 28, 2020 9:24 am

Wachovia Corporation (NYSE: WB) has just resumed trading after its FDIC-led Citigroup Inc. (NYSE: C) "take-under" came in. By now you’ve already heard enough about the merger news and how ugly this was going to be for shareholders. In less than ten minutes of re-opening, Wachovia shares have traded more than 120 million shares of stock. The last print we saw was $1.94, down over 80% from Friday’s $10.00 close. The open print is being listed as $1.26 and so far the lowest print we saw was $0.98.

Interestingly enough, there is actually some value for common shareholders here. The remaining Wachovia is being given a payment by Citigroup. The remaining entity will also still hold A.G. Edwards and Evergreen Asset Management. What the actual value of those combined will be, well that is where the debate is.

Jon C. Ogg
September 29, 2008

It’s Your Money, Your Future—Own It (sponsor)

Are you ahead, or behind on retirement? For families with more than $500,000 saved for retirement, finding a financial advisor who puts your interest first can be the difference, and today it’s easier than ever. SmartAsset’s free tool matches you with up to three fiduciary financial advisors who serve your area in minutes. Each advisor has been carefully vetted and must act in your best interests. Start your search now.

If you’ve saved and built a substantial nest egg for you and your family, don’t delay; get started right here and help your retirement dreams become a retirement reality.