BankUnited sweepstakes heats up
Private equity firms are more than intrigued with the financial services industry right now, BankUnited Financial specifically. Bids were expected last week, but according to Reuters, the deadline has been pushed back to Tuesday.
The Florida-based institution--considered the largest in the state--is under orders to seek a merger given its under-capitalized state that resulted in part from its heavy option ARM mortgage business. A group led by ex-North Fork Bancorp CEO John Kanas, which includes Carlyle Group, Blackstone Group, Centerbridge Capital Partners and L Ross & Co., has been widely reported to be seriously considering bid. Goldman Sachs, Toronto-Dominion Bank or J.C. Flowers & Co. might also bid. BankUnited's stock has been rallying in anticipation.
For more:
- here's the Reuters article
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