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Article: MBIA And CapMAC Complete Merger; Create Premier Worldwide Structured Finance Guarantor.
- Article from:
- Business Wire
- Article date:
- February 17, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ARMONK, N.Y. and NEW YORK--(BUSINESS WIRE)--Feb. 17, 1998--MBIA Inc. (NYSE: MBI) and CapMAC Holdings Inc. (NYSE: KAP) jointly announced today that they have successfully completed their merger in a stock transaction valued at approximately $536 million.
Under the merger terms, CapMAC Holdings Inc. shareholders will receive 0.46751 of a share of MBIA stock for each CapMAC share, or a total of 8,567,940 newly issued shares of MBIA common stock. The exchange ratio was determined by dividing $31 by the average closing price of MBIA common stock for the 15 trading days preceding the third trading day prior to the effective date of the merger.
David H. ...