SRM threatens to derail US home loans deal

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SRM acts to derail US home loans deal -this article has been taken from FT reported by Lina Saigol in London and David Wighton in New York

The Monaco-based hedge fund that has led the fight against the government's plans to sell Northern Rock is now threatening to derail the planned takeover of the biggest home mortgage lender in the US.
Jon Wood's SRM Global Fund has acquired 5.19 per cent of the troubled Countrywide Financial and is warning it will vote against its planned $4.1bn (£2bn) takeover by Bank of America.
SRM's move threatens what is seen by the US regulator as a highly desirable move that safeguards the future of Countrywide - one of the biggest casualties of the subprime crisis. The hedge fund said yesterday that it saw the takeover as a bad deal for Countrywide's shareholders.
"We strongly believe that the terms of the proposed merger with Bank of America are contrary to the interests of the company's shareholders," it said in a regulatory filing.
Mr Wood will now urge other big shareholders, which include Legg Mason, Capital Research, Brandes and Fidelity, to vote against the deal. Together with SRM, which is believed to hold closer to 10 per cent of Countrywide through contracts for difference, the top five shareholders control about 37 per cent of the mortgage lender's stock.
BofA agreed on January 11 to pay $4.1bn in stock for Countrywide after the mortgage lender reported a larger-than-expected $422m loss for the fourth quarter. Further losses are expected.
SRM has said it will ask the Securities and Exchange Commission to investigate "movements in the company's stock price in the days before the announcement of the merger".
Countrywide's share price closed up 7.5 per cent at $6.96, narrowing the discount to the $8.04 value of the offer to 13 per cent. The discount reflects the concern that BofA might cut the price. The offer agreement gives BofA wide leeway to walk away from the deal.
Making his name, Page 25Copyright The Financial Times Limited 2008
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