"You can't build a reputation on what you're going to do." Henry Ford
Friday, January 11, 2008
BofA to buy Countrywide
Bank of America is going to acquire Countrywide for $4.1 billion. Countrywide shareholders will receive 0.1822 shares of BofA stock in the deal. This is a risky move for BofA, who already own a large stake in Countrywide. BofA invested $2 billion in Countrywide back in August for $18 a share.
Countrywide is currently trading for $6.45 down nearly 17% on the day.