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.

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