GreenPoint, GE Unit Seen in Bidding for United Cos
Timmons, Heather, American Banker
GreenPoint Financial Corp. and GE Capital Corp. are among a handful of potential buyers sizing up subprime lender United Companies Financial Corp., sources close to the companies said.
United Companies announced July 21 that it would have disappointing second-quarter earnings and was looking for a "strategic partner."
Since then, about 10 companies have done due diligence on Baton Rouge, La.-based United, sources said, and about half are still interested, including GreenPoint and GE Capital.
Some observers said they expect a sale within three weeks, but others were skeptical that the company would be sold.
The market is unlikely to dictate the sort of rich …
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Publication information: Article title: GreenPoint, GE Unit Seen in Bidding for United Cos. Contributors: Timmons, Heather - Author. Magazine title: American Banker. Volume: 163. Issue: 172 Publication date: August 28, 1998. Page number: 9. © 2009 SourceMedia, Inc. COPYRIGHT 1998 Gale Group.
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