Business Services Industry
Standard Federal Bank Shareholders Approve Buyout by ABN AMRO.(Originated from Detroit Free Press)
Knight Ridder/Tribune Business News, April, 1997 by Craig, Charlotte W.
Apr. 18--Shareholders of 104-year-old Standard Federal Bank gave their blessing Thursday to its $1.9-billion purchase by Dutch banking conglomerate ABN AMRO. It is the largest savings and loan deal in history.
At a morning meeting in Standard Federal headquarters in Troy, executive vice president Garry Carley announced that 24.7 million shares, or 77 percent of the 32 million outstanding shares, were voted in favor of the deal. Only 598,300, or 2 percent, were voted in opposition. The remaining 21 percent didn't vote either way.
Sale of Michigan's largest home mortgage lender will mean changes that please some and disappoint others.
The deal gives stockholders $59 per share in cash -- a seven-fold increase in value for those who...
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