Ocwen Financial Corp. announced that it would buy PHH Corp. in an all-cash deal worth $360 million or $11 a share. The price is a 35 percent discount to PHH’s equity as of Dec. 31, 2017, the companies said.
The move comes as PHH Corp. has been exploring strategic alternatives, including potential liquidation of the company after it embarked on a restructuring. Its CEO said the continuing case against the Consumer Financial Protection Bureau was one of the headwinds to progress for the firm.
Read on for more details and reaction from each company’s CEO.
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