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Author Topic: BKUNA .34 Wilbur Ross Carlyle group buyout
invester
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Joint Bid Considered for BankUnited: Report
02/10/09 - 04:17 AM EST

, BKUNA TSC Staff
Investor Wilbur Ross and private equity group Carlyle are considering a joint bid for BankUnited Financial(BKUNA Quote - Cramer on BKUNA - Stock Picks), a troubled Florida-based bank, the Financial Times reports, citing people familiar with the matter.

More on BKUNA BankUnited Warning Prompts Downgrade Market Activity BankUnited Financial Corporation| BKUNA UPBankUnited said in a Securities and Exchange Commission filing at the end of January that it hadn't been able to comply with a regulatory order to raise capital, and faced "enforcement action," which could include placing the bank into receivership. The bank made clear it was unable to raise capital during the fourth quarter of 2008 and meet the requirement of a regulatory order from the Office of Thrift Supervision to increase its tier-1 ratio to a minimum of 7% and risk-based capital ratio to 14%, TheStreet.com reported last month.
BankUnited has about $14.5 billion in total assets.

It didn't return a call for comment from the Financial Times.

Carlyle has been among the more cautious private equity investors in making investments in financial companies, according to the Financial Times. Ross, by contrast, said he is looking at more than 100 banks after buying several mortgage servicing operations.

Nine months ago, another major private equity firm considered investing in BankUnited but decided against such a move, the newspaper reports, citing a person familiar with the firm's deliberations. But with "government guarantees and protection on the downside, we might reconsider," the person said.

Ross and Carlyle were conducting due diligence just as Treasury Secretary Timothy Geithner on Tuesday is reportedly set to reveal a plan that will include provisions that will allow the private sector to purchase bad assets on the balance sheets of troubled banks, considered to be the root problem of the financial crisis.

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ldiaz117
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Yep it really spiked this morning then came down some. This one has some huge potential if buyout occurs. May wait for it to come down slightly though.
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invester
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Holly Crap!!!!!! $1.94 in cash. Tangible book value of $14.62 Earnings per share $2.14 Are you kidding me? I can't even believe where this is trading.


Per Share Data

EPS Normalized (MRFY) 2.14
Rev per share (TTM) 7.25
BV per share (MRQ) 16.14
Tangible BV per share (MRQ) 14.62
Cash per share (MRQ) 1.94
Cash flow per share (TTM) --
Indicated Annual Dividend (US) 0.02

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greenman
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Sweet!! Also, AIB was brought to my attention.
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invester
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Total Assets 15,046,271,000 Over $15 billion in assets. I just can't believe this one.
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invester
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BankUnited Financial Corporation operates as the holding company for BankUnited, FSB that provides consumer and commercial banking products and services to consumers and businesses located primarily in Florida. It offers various deposit products, including personal and commercial transaction accounts, money market accounts, other savings accounts, and time deposits. The company’s lending activities comprise one-to-four-family residential mortgage loans, including residential mortgages and specialty consumer mortgages; consumer loans consisting of home equity loans, lines of credit, and automobile, boat, and cash collateral loans; commercial real estate loans and multi-family loans; real estate construction loans; land loans; secured and unsecured commercial business loans; and investments and mortgage-backed securities. It also offers investment, retirement planning, insurance, and financial planning services. In addition, the company offers automated teller machines, telebanking, and Internet banking services. As of November 12, 2007, it operated 86 branches, 2 loan production offices, and 7 offices outside of Florida. The company was founded in 1984 and is headquartered in Coral Gables, Florida.
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invester
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During the fiscal year ended September 30, 2007 (fiscal 2007), BankUnited had assets of $15billion, net loan portfolio of $12.6 billion, liabilities of $14.2 billion including deposits of $7.1 billion and stockholders’ equity of $812 million.


$812 million in stock equity


That’s $23 a share. You gotta love this one.

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invester
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I bought 15k shares. I see this at $2 or so.
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invester
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Already gapped to .37 .40 If it weren’t for the huge down day, this would have been at .70 or so.
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invester
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Ross, Carlyle eye rescue bid for BankUnited - FT
Tue Feb 10, 2009 2:05am EST Email | Print | Share| Reprints | Single Page[-] Text [+]
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More Business & Investing News... Feb 10 (Reuters) - Billionaire investor Wilbur Ross and the Carlyle [CYL.UL] private equity group are considering a joint bid for BankUnited Financial Corp (BKUNA.O), the Financial Times said, citing people familiar with the matter.

The two investors were conducting due diligence as Tim Geithner, U.S. Treasury secretary, prepared a financial sector rescue plan that would seek to induce private capital to pursue deals for distressed financial institutions and assets, the newspaper said.

Bank deals could have a growing appeal for private equity groups, which are facing big obstacles in securing the financing they need to make big leveraged buyouts, the paper said.

Florida-based BankUnited Financial is a troubled bank with $14 billion in assets, the newspaper said.

Carlyle has been among the more cautious private equity investors in making investments in financial companies, the FT said.

By contrast, Ross said he is looking at more than 100 banks after buying several mortgage servicing operations, the newspaper added.

BankUnited, Carlyle and Wilbur Ross could not be immediately reached for comment by Reuters. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Hans Peters)

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invester
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I can't even imagine finding a company that Carlyle wants to buy, but distressed investor Wilbur Ross as well. This is a late Christmas gift.
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JOELGA
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Anyone know what the situation is at the moment on BankUnited?
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invester
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This can't be right. $14 a share buyout? I must be missing something.


DJ BankUnited Nears $500M Buyout Deal By Pvt-Equity Grp -Report

.
DOW JONES NEWSWIRES


A private-equity investment group led by Vanquish Capital Group LLC appears close to buying troubled Florida-based thrift BankUnited Financial Corp. (BKUNA), American Banker reported Thursday, citing people familiar with the matter. Vanquish, of Delray Beach, Fla., and deal partners W.L. Ross & Co. LLC and Cerberus Capital Management LP have agreed to invest $500 million for majority control of BankUnited, which has $14.2 billion in assets. Under terms to be finalized, toxic assets - mainly payment option adjustable-rate mortgages, which let borrowers defer interest payments - would be removed from BankUnited's balance sheet and placed in a vehicle co-run by Vanquish. Neither firm returned messages seeking comment on the deal.

BankUnited warned in December that it could fail if it did not raise capital quickly. It had agreed to a cease-and-desist order from the U.S. Office of Thrift Supervision in September, without admitting wrongdoing.

Web site: www.americanbanker.com


-Dow Jones Newswires; 201-938-5500


Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=%2B6D38XNvDKAnlWlIhppH1g%3D%3D. You can use this link on the day this article is published and the following day.



(END) Dow Jones Newswires

January 15, 2009 08:11 ET (13:11 GMT)

Copyright (c) 2009 Dow Jones & Company, Inc.- - 08 11 AM EST 01-15-09

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JOELGA
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I don't see a $14 per share buy out happening, but I would not complain. Probably in the 2-3 dollar range is a guess for me.
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JOELGA
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I believe Friday is going to be an interesting day for this one.
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invester
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quote:
Originally posted by JOELGA:
I don't see a $14 per share buy out happening, but I would not complain. Probably in the 2-3 dollar range is a guess for me.

Divide $500 million by 35 million shares outstanding. Roughly $14. They may have worked something else out, but that is the normal sequence of events. The banking sector is far from normal these days. LoL.
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JOELGA
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I hear you...I did the math as well but I think there will be a price to pay for placing these toxic assets off of the balance sheets. What that price is...who knows.

Hopefully we are fortunate to find out.

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greenman
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Gapping way down in pre market. I'm losing my azz here on this one so far.
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metal1
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WSJ report that bid won't get govt backing.
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JOELGA
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Yep...I sold out today at .23 Think this one is cooked if the govt doesnt step in. Carlyle wont get involved without their backing
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metal1
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quote:
Originally posted by invester:
quote:
Originally posted by JOELGA:
I don't see a $14 per share buy out happening, but I would not complain. Probably in the 2-3 dollar range is a guess for me.

Divide $500 million by 35 million shares outstanding. Roughly $14. They may have worked something else out, but that is the normal sequence of events. The banking sector is far from normal these days. LoL.
yeah, this looked like a good old take under from the beginning. a $500 million investment into a company with 10 million market cap and about to crumble wouldn't have much premium if any.
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invester
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.59
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invester
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.83
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invester
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quote:
Originally posted by metal1:
quote:
Originally posted by invester:
quote:
Originally posted by JOELGA:
I don't see a $14 per share buy out happening, but I would not complain. Probably in the 2-3 dollar range is a guess for me.

Divide $500 million by 35 million shares outstanding. Roughly $14. They may have worked something else out, but that is the normal sequence of events. The banking sector is far from normal these days. LoL.
yeah, this looked like a good old take under from the beginning. a $500 million investment into a company with 10 million market cap and about to crumble wouldn't have much premium if any.
Nice call METAL1 LoL

$1.00 After Hours. I sure am glad I've trusted my judgment on every call I've made over the past year as I'm over two commas in my portfolio now. How are you doing?

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cassity
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Bought this at .30 two weeks ago. Over 100% in less than a month. Up to .99 after hours.. [Smile]
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invester
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Well, actually 300% if one knows math
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invester
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"Better to burn out than to faid away" Niel Young. LoL
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invester
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$1.63 LMAO!!!!!
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invester
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I'm up over 400%
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invester
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Out A/H at $1.66
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jdizz
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damn dood.. share a little lol

--------------------
dont make yourself loose money in a stock that you had a resonable profit in

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invester
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quote:
Originally posted by jdizz:
damn dood.. share a little lol

[Smile]
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Lockman
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http://stockcharts.com/h-sc/ui?s=BKUNA&p=D&yr=1&mn=0&dy=0&id=p35120473154

Nice run!

--------------------
Let's Go METS!!!

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Lockman
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What's the rumor about a $5.00 buyout?

--------------------
Let's Go METS!!!

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invester
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Back in $1.22
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