Bank of America to Acquire Countrywide..

[nhboy]

Bank of America to Acquire Countrywide for $4 Billion

" Jan. 11 (Bloomberg) -- Bank of America Corp., the biggest U.S. bank by market value, agreed to buy Countrywide Financial Corp. for about $4 billion, five months after making a money- losing $2 billion investment in the unprofitable mortgage lender.

Bank of America will acquire Countrywide for approximately $7.16 a share in stock, the Charlotte, North Carolina-based company said in a statement today. The offer is 7.6 percent below Countrywide's closing share price on the New York Stock Exchange."

Bloomberg.com: Worldwide

[smilin]

Gotta love it. A rumor drives Countrywides stock down the day before it's bought by BofA.

[somdrenter]

Originally Posted by smilin

Gotta love it. A rumor drives Countrywides stock down the day before it's bought by BofA.

And a tax break for BoA to boot.