SRM Global Fund, which has a 5.2 percent stake in Countrywide Financial Corp., says Bank of America Corp.'s proposed $4 billion acquisition of Countrywide is severely undervalued.


Under the terms of the deal, Countrywide shareholders would receive 0.1822 BofA shares for every Countrywide share they hold. That amounts to less than $8 a share. As of Dec. 31, Countrywide's book value was at more than $20 a share, SRM says.

Book value? How quaint. Especially with "surprise" impairments like this floating around.

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