Bank of New York sweetened its offer...
Bank of New York sweetened its offer for rival Irving Bank, slightly raising the stock portion of the bid and adding other shareholder incentives, including a special cash dividend. Bank of New York spokesman Owen Brady valued the revised bid for all of Irving’s 18.5-million shares outstanding at around $1.4 billion, about 25% higher than the existing hostile $1.1-billion tender offer that remains in place. Some banking analysts predicted Irving would continue to snub its persistent suitor.
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