Investors Complete Purchase of BNC
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An investment group led by top management of BNC Mortgage Inc. has completed its acquisition of the Irvine residential lender for about $47 million, or $10 a share, the company said Wednesday. The stock last traded Tuesday, closing at $9.94, up 13 cents a share, on the Nasdaq market.
Shareholders approved the deal Friday at a special meeting.
The transaction has had clear sailing since a group that included New York investment management firm Greenlight Capital withdrew a competing bid for BNC in May.
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