Glass Lewis recommends Countrywide stockholders approve merger with Bank of America

By Lisa Kerner

Charlotte, N.C., June 13 - Countrywide Financial Corp. said Glass Lewis & Co. recommended that its stockholders vote for the company's proposed merger agreement with Bank of America at the special meeting on June 25.

ISS/RiskMetrics Group made the same recommendation, Countrywide announced on Thursday.

In January, Bank of America agreed to buy Countrywide for $4.1 billion.

It was previously reported that Countrywide stockholders will receive 0.1822 shares of Bank of America stock in exchange for each of their Countrywide shares. The deal valued Countrywide stock at $7.16.

On June 5, it was announced that the Federal Reserve Board had approved the transaction, which is expected to close in the third quarter, pending shareholder approval and other closing conditions.

Innisfree M&A Inc. (877 750-9499) is Countrywide's proxy solicitor.

Countrywide is a diversified financial services provider based in Calabasas, Calif.

Bank of America, based in Charlotte, N.C., is a holding company that provides banking and financial services.

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