Countrywide Financial Corp &
Bank of America Corp | Update Date: 07/01/08 |
| Date Announced: 01/11/08 |
| Value (million $USD): 4.14 billion U.S. Dollar |
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| Status: Completed | |
| TRANSACTION DETAILS |
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| Date Announced | 01/11/08 | | |
| Date Originally Announced | 01/10/08 | | |
| Format | Merger | Acquisition techniques | Stock Swap; Rumored Deal |
| Attitude | Friendly | Agency | Federal Reserve Board; Unspecified Regulatory Auth. |
| Value | 4.14 billion U.S. Dollar | Advisor Fees | Countrywide Financial Corp (CF) paid Goldman Sachs & Co an advisory and opinion fee of $3 mil and a contingency fee of $9.75 mil, on consummation of the merger. CF paid Sandler O'Neill Partners LP an advisory fee of $2 mil, an opinion fee of $1 mil and a contingency fee of $9.25 mil, on consummation of the merger. |
| SYNOPSIS |
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| US - Bank of America Corp (BA) acquired all the outstanding common stock of Countrywide Financial Corp (CF), a mortgage bank, in a stock swap transaction valued at $4.144 bil. BA offered 0.1822 common share per CF share. Based on BA's closing stock price of $39.3 on January 10, the last full trading day prior to the announcement, each CF share was valued at $7.16. The transaction was subjected to CF shareholders, customary and regulatory approval. Originally, BA was rumored to be planning to acquire all the outstanding stock of CF. |
| TARGET |
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| Name | Countrywide Financial Corp (CFC) |
| Industries | Personal credit institutions; Mortgage bankers and loan correspondents; Insurance agents, brokers, and service; Commodity contracts brokers and dealers; Investors, nec; Offices of holding companies, nec |
| City | Calabasas |
| State | CA |
| Nation | United States |
| Incorporated in | CA |
| Public Status | Public |
| Business Description | Countrywide Financial Corp, located in Calabasas, California, is a mortgage bank. The company provides personal credit services, including insurance, commodity contract brokerage and investment holding and management. The company was founded in 1969. |
| Advisors | Sandler O'Neill Partners L.P.; Goldman Sachs & Co |
| Target Sales | 24.07 billion U.S. Dollar |
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| ACQUIROR |
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| Name | Bank of America Corp (BAC) |
| Industries | Short-term business credit institutions; Offices of bank holding companies; Misc business credit |
| City | Charlotte |
| State | NC |
| Nation | United States |
| Incorporated in | DE |
| Public Status | Public |
| Business Description | Bank of America Corp, headquartered in Charlotte, North Carolina, is a holding company that provides banking and financial services; offers investment products, accounts, and services on General Investing, Retirement, Education Savings through Mutual funds and stock screeners, Portfolio tracking tools , Real-time quotes Investment strategy tools; provides wealth management services; Home equity loans and lines of credit; Mortgages and others. The company was founded in 1984. |
| Advisors | Banc of America Securities LLC |
| Acquiror Sales | 119.19 billion U.S. Dollar |
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