Business Services Industry
Investors Drive Up Bidding Price for Wachovia.
Knight Ridder/Tribune Business News, June, 2001
By Barry Flynn, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
Jun. 6--So far, the highest bidder for Wachovia Corp. -- the target of a proxy fight between two big banks -- is someone you wouldn't expect: buyers bidding up Wachovia shares in the open market.
Those investors have driven Wachovia's stock price above the bids of either of the big suitors, First Union Corp. and SunTrust Banks Inc. That suggests the market expects yet another twist in this already convoluted struggle for control of the bank.
Investors apparently are expecting either a higher bid from one of the declared suitors or, perhaps, still another bank that may yet enter the competition.
The two declared suitors both say they don't anticipate...
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