The trouble with striking a good bargain is that sometimes it's a little too good to go through. While North Carolina-based BB&T (BBT) thought it had a deal to acquire most of the worthwhile assets of Florida's BankAtlantic (BBX), disaffected investors have successfully persuaded a Delaware judge to block the deal. Whether this deal goes through or not, though, BB&T has plenty of other fish in the sea as this under-rated bank continues to recover and acquire valuable assets.
A Judge Says "No"
BB&T had structured its deal with BankAtlantic along pretty aggressive lines. While the 9% deposit premium that BB&T offered for about $3.3 billion in deposits (and $2.1 billion in good loans) was on par with similar deals, including a deal whereby PNC (PNC) bought 19 branches and $350 million in deposits from BankAtlantic, this deal was basically going to hollow out BankAtlantic and leave it largely a holding company with some stressed/distressed assets.
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Despite Setback, BB&T Has Plenty Of Growth Opportunities
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