Hedge Fund To Vote No On Countrywide-BofA Deal

Law360, New York (January 31, 2008, 12:00 AM EST) -- A hedge fund with a stake in Countrywide Financial Corp. has told federal regulators it opposes Bank of America's planned buyout of the ailing mortgage lender, saying the merger would leave shareholders shortchanged.

Investor SRM Master Global Fund Ltd., which bought a 5.19% holding in the lender on Jan. 24, said Thursday in a filing to the U.S. Securities and Exchange Commission that the agreement did not “provide sufficient value” to Countrywide's common shareholders.

The $4.1 billion merger agreement was announced on Jan. 11 and is...
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