New York – Buffett Becomes Bank Of America’s Top Shareholder

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    New York – Warren Buffett’s Berkshire Hathaway Inc has become the largest shareholder of Bank of America Corp by exercising its right to acquire 700 million shares at a steep discount, more than tripling an investment it made six years ago.

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    Bank of America on Tuesday announced the exercise of the warrants, which gave Berkshire the right to buy the bank’s shares for about $7.14 each. Bank of America shares closed down 14 cents at $23.58 on Tuesday.

    The announcement was made after U.S. markets closed.

    The exercise gives Berkshire a roughly 6.6 percent stake in the second-largest U.S. bank, based on an increase in the number of Bank of America shares outstanding, Reuters data show.


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    Buchwalter
    Buchwalter
    6 years ago

    He would make a fine president