Business Services Industry
Way cleared for sale of Portland, Maine-based Banknorth to TD Bank of Canada.
Knight Ridder/Tribune Business News, December, 2004
By Edward D. Murphy, Portland Press Herald, Maine Knight Ridder/Tribune Business News
Dec. 18--Banknorth's largest institutional stockholder said it expects to vote in favor of the acquisition of the Portland-based company by TD Bank of Canada, clearing a potentially major roadblock to the transaction.
Private Capital Management, a Florida investment firm that owns 8.7 percent of Banknorth's stock, had previously indicated that it didn't like the structure of the $3.8 billion transaction and wasn't convinced that Banknorth officials got the best price for the company.
But in a filing with the Securities and Exchange Commission, PCM said it intends to vote its 15.2 million shares in favor of the sale.
The firm did not...
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