Filed under: Deals, Bank of America (BAC), Countrywide Financial (CFC), Recession

Bank of America Corp.’s (NYSE: BAC) $4 billion acquisition of Countrywide Financial Corp. (NYSE: CFC) isn’t sitting well with the mortgage company’s biggest shareholder, Legg Mason Capital Management (NYSE: LM)

Legendary money manager Bill Miller, who raised his Legg Mason Value Trust fund’s stake in Countrywide to 15% and could buy as much as a 25% interest, said in a letter distributed to the press that he was “quite surprised by the decision to sell the company at close to a seven-year low in the stock price, and agreeing to a bid that amounts to only 30% of book value.” Predictably, Bank of America disagrees with Miller. A company spokesman told Bloomberg News that “we believe it is fair for both companies.”

Continue reading Countrywide’s $4 billion sale to Bank of America displeases Legg Mason

Read | Permalink | Email this | Comments

Share This

This entry was posted on Wednesday, February 13th, 2008 at 11:25 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.