CarrAmerica Realty Corp., Washington, D.C., has announced a merger agreement under which it will be acquired by an affiliate of The Blackstone Group in a transaction valued at approximately $5.6 billion.Under the agreement, Blackstone, a New York-based commercial real estate investor, will acquire all the outstanding common stock of CarrAmerica for $44.75 per share in cash. The share price represents an 18.4% premium over CarrAmerica's closing stock price on Feb. 16, the day before the first reports were published about a possible acquisition of the company, CarrAmerica said. CarrAmerica's board has unanimously approved the deal and recommended stockholder ratification. Goldman, Sachs & Co. acted as financial adviser to CarrAmerica, and Blackstone's advisers were Citigroup, Bank of America, and Deutsche Bank. The companies can be found on the Web at http://www.carramerica.com and http://www.blackstone.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25