Mogul of Pineapples
- Centurion Member
- Posts: 1271
- Joined: Sun Jun 01, 2008 11:32 pm
- Location: Smogland
In December the Discover CEO said he expected to ask for 400M to 1.2B from the TARP funds for the company. On Monday it was announced they got on the high end of that amount -- $1.2 billion -- in exchange for 10 year warrants to buy 20.5 million shares and about 1.22 million shares of preferred stock up front. I'm not sure what percentage of the company this represents but $1.2 billion sounds like a significant chunk of Discover based on their current marketcap.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.
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