CARFINCO FINANCIAL $10.96 (Toronto symbol CFN; TSINetwork Rating: Speculative) (1-888-486-4356; www.carfinco.com; Shares outstanding: 26.5 million; Market cap: $281.1 million; Dividend yield: 2.7%) has rebounded closer to its takeover price of $11.25 a share after falling as low as $8.30 in January 2015.
In November 2014, Carfinco’s shareholders voted to accept a friendly $11.25-a-share takeover bid from Spain’s Banco Santander SA (ADR symbol SAN on New York).
Carfinco is confident the deal will go through, and the last two conditions were recently met: Spanish regulators granted their approval and Carfinco entered into an agreement to sell Persian Acceptance Corp., its U.S. subsidiary.
We’ll say more as further news becomes available, but for now Carfinco is a hold.
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