Service Providers
SRM Ups Countrywide Stake To 5.5%
February 14, 2008
London hedge fund SRM Global is reiterating—and reinforcing—its opposition to Bank of America’s bid for the country’s largest mortgage lender.
In a filing with the Securities and Exchange Commission yesterday, SRM said it had boosted its stake in Countrywide Financial Corp., in spite of seeing about half of its assets evaporate in the past three months. SRM now owns 5.48% of Countrywide, up from 5.19% earlier this month.
The hedge fund, run by Jon Wood, also sent another letter to Countrywide’s board of directors, arguing that “the merger transaction with Bank of America in not in the best interests of its shareholders.” Wood also complained that Countrywide management has refused to meet with him.
BofA’s $4.6 billion stock offer is worth about $8 per share, a roughly 15% premium to its closing price yesterday. But SRM argues that those terms value Countrywide at less than half its book value.
RELATED LINKS
- Share:
-
-
-
-
-
-
-
-
-
-
Print This
Send This
ReprintsMore News
- Steel Wins Dismissal Of Icahn Bid To Block Restructuring
- Madoff Lieutenant Moved To Suburban Jail
- Jupiter Puts New Star Hire On Top Fund
- Dynamic Decisions Case: Are Feeder Funds Benefiting By Calling It Fraud?
- Alleged Pequot Tipster Said Samberg Sought Insider Information
- Odey Cuts Back On Stocks After Big October Loss
- Petters Takes The Stand, Points Fingers
- Oaktree In $250 Million Bond Sale
- Harbinger Sells Off More Times Shares
- Gartmore Set To Float on LSE In December
- List Of New Goldman Sachs Managing Directors
- Buy-Side Traders Fear ‘Unintended Regulatory Consequences’
- Touradji Blames ‘Disgruntled’ Ex-Employees For Amaranth Lawsuit
- Phibro Seeks Hedge Fund Investors As Sale Nears
- Bank Break-Up Rule Would Apply To Hedge Funds
Sign Up For FINalternatives
Upcoming Events
This Week's Most Viewed
Guest Contributor
Dynamic Decisions Case: Are Feeder Funds Benefiting By Calling It Fraud?
Gabriel KurlandBy Gabriel Kurland: On November 12, 2009, the U.K.’s Serious Fraud Office (“SFO”), an independent government department that investigates and prosecutes fraud and corruption cases, announced that it is probing the London-based, Dynamic Decisions Capital Management Ltd., after the matter was referred to it by the Financial Services Authority. More...
- Part I: Hedge Fund Due Diligence -- Insider Trading
- Mandatory Forex Registration Looms Large
- Leveling the playing field? House Committee Approves SEC Registration For Some Private Fund Advisers, Exempts Others
More guest contributors
Cleantech Corner
Report: World’s Biggest Firms Still Bullish on Cleantech
According to a survey of 300 executives by Ernst & Young, the world’s biggest companies are poised to increase spending cleantech solutions. More...
- New Private Equity Firm To Focus On Cleantech Sector
- Soros Announces $1 Billion-Plus Commitment To Clean Energy
- Ambienta Raises $317 Mil. Environmental Fund
More Cleantech
