Business Services Industry
Banks Vie for Shareholders' Affections in Battle To Buy Wachovia.
Knight Ridder/Tribune Business News, May, 2001
By Barry Flynn, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
May 30--Wachovia Corp. on Tuesday scheduled the shareholder shootout for Aug. 3 to decide who gets to buy the bank. And Wachovia and First Union Corp. wasted no time launching a multistate newspaper advertising campaign for their deal.
SunTrust Banks Inc. is trying to stop the sale to First Union with a higher bid that SunTrust executives hope will be more attractive to Wachovia shareholders.
At the close of New York Stock Exchange trading Tuesday, SunTrust's stock-swap bid was worth about $2 a share more than First Union's, which also was a noncash bid.
The battle is coming down to an old-fashioned proxy fight, so called because both sides will solicit...
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