Bank of America Buys Countrywide

Bank of America Buys Countrywide

 

Bank of America agrees to purchase Countrywide USD 7,16 per share

 

~$4bln. Good luck catching a falling knife BoA. Like they had a choice after losing their @$$ on the initial $2bln.

 

This is a chance for B of A to save face. Plus, who knows maybe in 4-6 years, this thing will be back being worth $20 billion or so.

 

Bank of America: Countrywide deal neutral for 2008 EPS

 

Looks like BAC is out "bargain hunting"

 

Exactly!

More like catching the piano -

 

Why is CFC trading under $7 right now, if the buyout is for $7.16? That makes no sense.

 

Arbitrage in action?

 

because it doesn't happen till the 3rd qtr so there is a chance it can still fall through