Navigate this market better. Subscribe for FREE stock alerts and information.

Friday, February 15, 2013

Gleacher gives up search for a buyer; shares slump, (NYSE: OCN)

Shares of Gleacher & Co Inc lost more than a quarter of their value after the investment bank ended its search for a potential capital infusion or a buyer and agreed to sell its mortgage lending unit ClearPoint to Ocwen Financial Corp.Gleacher, which did not disclose ClearPoint's sale price, said it expects the deal to close in the first quarter.The company, founded by merger and acquisition veteran Eric Gleacher, said last year it was exploring strategic alternatives, including raising more capital or a sale."Although we did not believe any proposal we received during the process adequately reflected Gleacher's value, we will, as before, be opportunistic in considering value-building strategic initiatives," Chief Executive Thomas Hughes said in a statement.

Ocwen Financial Corporation (Ocwen), through its subsidiaries, is a provider of residential and commercial mortgage loan servicing, special servicing and asset management services. Shares of OCN fell by 0.05% or $-0.02/share to $41.01. In the past year, the shares have traded as low as $14.40 and as high as $41.87. On average, 1797040 shares of OCN exchange hands on a given day and today's volume is recorded at 468871.