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Rafferty's Dick Bove On Prospects For A Comerica Acquisition

Rafferty's Dick Bove On Prospects For A Comerica Acquisition

Shares of Comerica Incorporated (NYSE: CMA) spiked up on Wednesday and Thursday, after Benzinga reported that the board might be considering selling the company, taking advantage of the recent stock appreciation.

Possible Candidates

Responding to Benzinga’s article, Rafferty Capital Market's Dick Bove said the company’s management team “has structured its balance sheet to facilitate a sale [and] bring in more liquidity.”

Among likely candidates, the expert mentioned companies based out of the United States, with the Bank of Montreal (USA) (NYSE: BMO) being the most likely buyer, followed by the Canadian Imperial Bank of Commerce (USA) (NYSE: CM).

Bove argued that Comerica would help the Bank of Montreal gain access to the U.S. market east of the Great Lakes and would help the Canadian Imperial Bank of Commerce win U.S. exposure and expertise in the commercial lending market.

Image Credit: By Stevan Sheets from Warsaw, USA (Grand Rapids - Day 2 Uploaded by xnatedawgx) [CC BY 2.0], via Wikimedia Commons

Posted-In: Dick Bove RaffertyM&A News Rumors Movers Interview Best of Benzinga


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