Market Updates
MGIC and Radian Terminate Merger Talk
Elena
05 Sep, 2007
New York City
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Private-mortgage insurer MGIC Investment and rival Radian Group announced Wednesday that they terminated merger talks and abandoned plans to combine the two companies.
[R]8.30AM MGIC Investment and rival Radian Group decided to terminate merger talks.[/R]
Private-mortgage insurer MGIC Investment ((MTG)) and rival Radian Group ((RDN)) announced Wednesday that they terminated merger talks and abandoned plans to combine the two companies. Òhe reason they brought to the fore was troubles in the mortgage industry.
The companies announced an acquisition deal on Feb. 6. According to the agreed terms, MGIC was expected to pay about $5 billion for Radian. However, its value notably decreased along with MGIC''s stock price.
MGIC said in August it no longer believed it had to complete the buyout of Radian because their joint interest in subprime mortgage investor C-Bass LLC could be worthless. The two firms announced their agreement to terminate the pending merger, as keeping their independence would be in their favor. Neither company paid each other to get out of the agreement.
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