Business Services Industry
Abbey National Again Resists Merger Offer from Bank of Ireland.
Knight Ridder/Tribune Business News, October, 2002
By Ruth Sunderland, Daily Mail, London Knight Ridder/Tribune Business News
Oct. 16--Abbey National once again gave the cold shoulder to a merger proposal worth more than UKpound 10 billion from the Bank of Ireland.
The Irish, who first floated their offer last month, finally revealed details of their plans to squeeze extra value out of the battered mortgage bank.
Abbey shares soared 67 pence to 685 pence on hopes that, despite its resistance, it will be forced to succumb to BoI or possible rival bidders, including National Australia Bank.
BoI boss Mike Soden is offering between 90 and 95 new BoI shares for every 100 Abbey National. It also promises UKpound 1.30 a share in cash. BoI closed up 25 pence at 632 pence, making its...
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