Why PHH Corporation Stock Surged on Wednesday [The Motley Fool]
PHH (PHH)
Last phh earnings: 5/8 04:15 pm
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Source: The Motley Fool
Mortgage servicers are pairing up. Jordan Wathen ( TMFValueMagnet ) Feb 28, 2018 at 3:34PM What happened Shares of PHH Corporation ( NYSE:PHH ) are up about 26% as of 2:30 p.m. EST, after the company agreed to be acquired by Ocwen Financial Corp ( NYSE:OCN ) in an all-cash transaction. Ocwen shares are also up about 6% for the day on news of the acquisition. So what Under the terms of the deal, PHH Corporation shareholders will receive $11.00 in cash for every PHH share they own, a 24% premium to closing price on Feb. 26. In prepared remarks during its conference call, PHH Corporation said that after adjusting for restructuring charges and operating losses, the price implies a valuation of approximately 85% of PHH's adjusted book value. PHH Corporation reported that tangible book value stood at $16.99 per share at the end of the fourth
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