Business Services Industry
Ohio Bank Withdraws Offer to Buy Troy, Mich.-Based Standard Federal.(Originated from Detroit Free Press)
Knight Ridder/Tribune Business News, November, 1996 by Evanoff, Ted
Nov. 27--An Ohio banking company Tuesday withdrew its offer to buy Standard Federal Bancorp of Troy, easing the way for a Dutch bank to buy the venerable Michigan lender.
The withdrawal by Charter One Financial of Cleveland appeared to end a possible bidding war that looked ready to erupt Monday with ABN Amro Holding of Amsterdam.
Standard Federal announced last week that it had, after an auction process, agreed to be acquired by ABN for $59 a share. But in a letter Friday that became public Monday, Charter One complained about the process and made another offer.
Tuesday, Charter One offered a simple explanation for its decision to back away so soon after sweetening its bid: It got more facts.
"We were unaware when we...
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