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Once again, the top headline deal Friday has been brought about by the subprime upheaval.
Bank of America Corp.-Countrywide Financial Corp. Bank of America Corp. agreed Friday morning to buy troubled mortgage lender Countrywide Financial Corp. for about $4 billion in stock, another sign the banking market is slowly mopping up its subprime mortgage mess. Reports of the pending deal began to surface on Thursday, which sent shares of Calabasas, Calif.-based Countrywide -- and indeed most other companies -- higher as investors interpreted the move as a further step to remove a troubled player from the mortgage field. Rock-Tenn Co.-Southern Container Corp. In other news, Rock-Tenn Co. said Thursday it would acquire privately held Southern Container Corp. in a deal worth nearly $1 billion to bolster its corrugated and merchandising display businesses. Norcross, Ga.-based Rock-Tenn will pay $851 million in cash and expects Hauppauge, N.Y.-based Southern Container will have nearly $142 million in debt outstanding after the deal closes, according to a statement Thursday. Macerich Co.-The Shops at North Bridge Santa Monica, Calif.-based real estate investment trust Macerich Co. said Thursday its operating partnership and Alaska Permanent Fund Corp. have purchased The Shops at North Bridge in Chicago for $515 million. The Shops at North Bridge is a 680,933-square-foot project comprising a four-level shopping center, two garages and 133,615 square feet of office space. Employers Holdings Inc.-AmComp Inc. AmComp Inc. agreed Thursday to be bought by workers' compensation insurance provider Employers Holdings Inc. in a $194 million cash deal. Reno, Nev.-based Employers will acquire all of AmComp's common stock at $12.50 per share. ING Re (UK) Ltd. In bankruptcy news, solvent reinsurer ING Re (UK) Ltd. is seeking recognition of its scheme of arrangement under its Chapter 15 to block creditors from moving on its U.S. assets. Judge Robert Gerber in U.S. Bankruptcy Court for the Southern District of New York in Manhattan agreed to hear ING's petition for recognition of its London run-off on its policies as its foreign main proceeding at a Jan. 30 hearing, records show. Stay tuned to TheDeal.com for updates and full stories. - Peter Moreira See TheDeal.com story on BofA-Countrywide See TheDeal.com story on ING Re
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