Bank of America gives Buffett a $3 billion gift
The 700 million warrants attached to the preferred share sale were worth $3.17 billion when the deal was crafted, said Linus Wilson, an assistant professor of finance at the University of Louisiana at Lafayette.
That value rose in the hours after the preferred share sale was announced publicly, as Bank of America’s share price jumped. By the close of trading, the warrants were worth $3.5 billion, Wilson said. Bank of America’s shares rose to $7.65 from $6.99 the day before, but traded as high as $8.79 in Thursday’s session. ….
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