Bank of New York Co. said it...

Bank of New York Co. said it was beginning a $1.08-billion tender offer for Irving Bank Corp. after having received approval to make the bid from the Securities and Exchange Commission. The SEC approved the registration statement Friday, allowing Bank of New York to issue its prospectus. Bank of New York began its hostile attempt to acquire Irving last September, a struggle that has been widely followed by bankers because unfriendly takeovers are unusual in the banking industry. Its tender offer expires at midnight April 15.