Mutual Fund Giant to Oppose Providian-Washington Mutual Deal

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00010989-mutual-fund-giant-to-oppose-providian-was/

Putnam Investments LLC, one of the nation’s largest money managers, said Monday it will oppose Washington Mutual Inc.’s bid to acquire credit card issuer Providian Financial Corp. because the deal price is too low.

The mutual fund giant, which controls about 7.5 percent of Providian’s outstanding shares, called the deal “well below the fair market value” in light of a recent consolidation spree within the credit card industry. Putnam, a unit of insurance broker Marsh & McLennan Cos., said the Providian shares it controls are held within its mutual funds.

For this complete story, please visit Putnam to Oppose Providian Acquisition.

Mutual Fund Giant to Oppose Providian-Washington Mutual Deal

Unknown Author

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