EverBank Financial Corp
We’ll look at the MAE (material adverse effect) clause of the Everbank (EVER)-TIAA merger agreement and see how TIAA could walk away from the deal.
Everbank is a major player in the mortgage origination space. TIAA is looking to take some of that mortgage origination and put it on its balance sheet.
On August 8, 2016, TIAA and Everbank (EVER) announced a merger in which TIAA will purchase Everbank for $19.50 per share in cash, or ~$2.5 billion.
Mortgage applications, as reported by the Mortgage Bankers Association, rose 7% for the week ending May 3rd in spite of a five basis point increase in mortgage rates Mortgage applications are primarily interest-rate driven. Applications typically increase as rates fall because home owners take advantage of the drop in rates to refinance. Conversely, they fall […]