December 07, 2011 12:18 ET

IPIC Group Announces Termination of Tender Offer for Bank of America Shares

NEW YORK, NY--(Marketwire - Dec 7, 2011) - IPIC Group Ltd. today announced that it has terminated its partial tender offer for up to 500 million shares of Bank of America common stock, effective immediately. The termination of the offer follows Bank of America's announcement that it is advising shareholders to reject the offer, which, if fully consummated, would have made IPIC the bank's largest institutional shareholder.

IPIC's offer was conditioned on, among other things, the lack of any downgrade of the bank's credit rating. IPIC is exercising its right to terminate the offer on the basis that Bank of America's issuer credit rating was cut by Standard & Poor's Ratings Service on November 29, 2011.

About IPIC Group Ltd.

IPIC Group Ltd. is a private investment firm organized in Delaware for the purpose of making a partial tender offer for Bank of America Corporation common stock.

Contact Information

  • Media Contact:
    Colleen Sullivan
    IPIC Group Ltd.
    (646) 863-6734
    Email Contact