Advertisement

BRIEFLY

November 23, 1987

Bank of New York Co. revised the terms of a hostile takeover bid for downtown rival Irving Bank Corp., trimming the value of the cash-and-stock offer by nearly $200 million from the original $1.4 billion. The bank holding company said it made the revision because of the Oct. 19 stock market collapse, which sharply reduced the price of all banks' stocks; changes in economic conditions and Irving's rejection of its Sept. 25 original bid. The revised offered has a value of about $1.2 billion, compared to $1.4 billion for the original bid.

Advertisement
Los Angeles Times Articles
|
|
|