Investors Seek To Block BankAtlantic/BB&T Deal (BBX) (BBT)
According to court documents obtained by Reuters, investor Hildene Capital Management has filed to block the sale of BankAtlantic Bancorp (NYSE: BBX) to BB&T (NYSE: BBT).
The complaint alleges that the acquisition by BB&T would allow the bank to 'Cherry-pick' prime assets of BBX including over $2 billion in performing loans, along with 78 branches and $3.3 billion in deposits. However, the deal doesn't include BBX's delinquent loans or other obligations to BBX investors.
According to Reuters, Hildene Capital currently has $215 million in BBX's trust preferred securities...and Hildene complains that the current deal strips the 'soul' of the Bank, replacing it with few business operations and troubled assets.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
The complaint alleges that the acquisition by BB&T would allow the bank to 'Cherry-pick' prime assets of BBX including over $2 billion in performing loans, along with 78 branches and $3.3 billion in deposits. However, the deal doesn't include BBX's delinquent loans or other obligations to BBX investors.
According to Reuters, Hildene Capital currently has $215 million in BBX's trust preferred securities...and Hildene complains that the current deal strips the 'soul' of the Bank, replacing it with few business operations and troubled assets.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
You May Also Be Interested In
- UPDATE: SAP's (SAP) America Unit to Buy Ariba (ARBA) for $45/Share
- The Talbots (TLB) Slammed As Sycamore Partners Pulls Out of Deal
- NBCUniversal in Talks to Buy MSNBC.com
Create E-mail Alert Related Categories
Mergers and AcquisitionsRelated Entities
BB&T Capital MarketsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
