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

Banking, finance, and taxes

Published: June 25, 2008 11:29 am

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

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