SRM Global Fund, which has a 5.2% stake in Countrywide, is opposing Bank of America's acquisition of the distressed mortgage company. "We think that the board of the company and its advisers should fully explain to shareholders the reasons why they have agreed to recommend the transaction to shareholders at less than half of the company's book value, and explain what circumstances have changed since the company's [third-quarter 2007] earnings," SRM said in an SEC filing.

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