Sovereign Bancorp (SOV) Director Whitworth of Relational Investors Buys 22M Shares
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Sovereign Bancorp (NYSE: SOV) director Ralph Whitworth of Relational Investors disclosed they bought 22 million SOV shares on 5/16 at $8, bringing their stake to 52,251,567 shares (7.9%).
The purchase was likely part of a $1.9 billion capital raise by the company during which the company issued 179,687,500 shares of common stock at a purchase price of $8.00 per share and $500 million of fixed rate subordinated notes.
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