Greenlight Makes Competing Bid for BNC

An investor group on Friday offered $51.7 million for BNC Mortgage Inc., an Irvine residential mortgage lender that has an agreement pending to sell out to its managers for $47 million. The latest bid, amounting to $11 a share, is from a group led by Greenlight Capital LLC, a New York investment management firm. Greenlight said in a filing with the Securities and Exchange Commission that the management offer of $10 a share is inadequate and that its offer represents a premium of about 49% over the closing price of the company’s stock on Feb. 3, the day before the management bid was made. The Greenlight group, which reported a 13.2% investment stake, said it expects to receive a response from the company no later than Tuesday. The transaction is subject to, among other things, regulatory and shareholder approval.