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Great Western attacked Citadel’s stock proposal.

Great Western Financial said it has asked the Federal Home Loan Bank Board to enjoin a plan by Citadel for a new series of preferred stock. Great Western called the plan a “a blatant attempt” by Citadel’s board “to extract a higher price for their shares than would be available to all shareholders under Great Western’s offer.” Citadel, parent company of Fidelity Federal Savings, is fighting a tender offer from Great Western that expires Friday. The proposed Citadel preferred stock, which would be convertible from common stock, would be worth more than what Great Western is willing to pay for Citadel’s common stock.


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