I told you 6-8 $ buyout offer! But what´s your opinion about that! It´s manipulation? Look at the volume today by only 32 Million O/S and even the price held at 0,8$!
BankUnited Bidders Said to Seek Receivership Before Purchase
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By Jonathan Keehner and Jason Kelly
May 14 (Bloomberg) -- Bidders for BankUnited Financial Corp. are asking federal regulators to put the company into receivership before selling its assets, a step that could wipe out shareholders, people familiar with the matter said.
BankUnited, the biggest lender based in Florida, has more than tripled in the past month in Nasdaq Stock Market trading on speculation the company would be acquired. In a receivership, bidders would buy the bank’s assets from the government.
Potential buyers, including a private-equity group led by former North Fork Bancorp Chief Executive Officer John Kanas, have expressed an interest in purchasing the Coral Gables, Florida-based lender out of receivership, said the people, who declined to be named because the talks are private. The bidding deadline was pushed to May 19 from today, the people said, which may help the Federal Deposit Insurance Corp. find a buyer willing to avert receivership.
“Receivership is akin to bankruptcy and appealing to buyers because they don’t have to pay for the equity,” said Steven Kaplan, a professor at the University of Chicago Booth School of Business. “In a receivership, the common equity gets completely wiped out.”
Federal regulators earlier this year declared BankUnited “critically undercapitalized” and ordered the lender to find a buyer. The FDIC has been named the receiver for 33 banks that have failed this year, and found buyers for most.
Carlyle, Blackstone
The Kanas team includes Carlyle Group, Blackstone Group LP, Centerbridge Capital Partners LLC and WL Ross & Co., to which Kanas is an adviser. Other potential bidders include private- equity firm J.C. Flowers & Co.
New York-based Goldman Sachs Group Inc. is weighing a bid with Toronto-Dominion Bank, people familiar with the matter said.
Representatives for the Kanas-led group and Goldman Sachs declined to comment. Calls to Flowers’s office and BankUnited spokeswoman Melissa Gracey weren’t returned.
FDIC spokesman Andrew Gray declined to comment, saying the agency doesn’t comment on open and operating institutions.
BankUnited said in a regulatory filing this week that its loss for the period ended March 31 widened more than sixfold from surging defaults on option adjustable-rate mortgages. The lender said it was unable to file complete quarterly results by yesterday’s deadline because of “adverse market conditions” as well as accounting and regulatory issues.
To contact the reporters on this story: Jonathan Keehner in New York at jkeehner@bloomberg.net; Jason Kelly in New York at jkelly14@bloomberg.net
Last Updated: May 14, 2009 13:17 EDT
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