BofA elaborates on Countrywide

Bank of America has the right to match any buy-out offer for Countrywide Financial, according to a filing made as part of BofA’s $2bn preferred share investment in the troubled mortgage lender.

However, BofA cannot make any attempt to acquire more shares in Countrywide or buy the company outright unless such a move comes in response to a competing offer, the filing said.

In an interview on CNBC on Thursday, Angelo Mozilo, Countrywide chief executive, said he had not considered selling all of Countrywide to BofA. However, he acknowledged holding talks with BofA earlier this year about a joint venture.

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- Posted: 2007-08-24 10:29:32

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