Irving Board Still Weighing Offer by Bank of N.Y.

Irving Bank Corp. said that its board members meeting Tuesday had not yet decided whether to accept a takeover bid from Bank of New York Co.

Last week Bank of New York offered to raise its bid to $1.4 billion from $1.26 billion if Irving agreed to a friendly merger. At the time, Irving said its board would consider the new offer at its next board meeting.

But an Irving spokesman said the board still has questions about the bid that must be answered before it can reach a decision.

Bank of New York--which launched a campaign to acquire its Manhattan rival last September--is offering 1.675 common shares, $15 in cash and up to $5 in dividends for each share of Irving stock. The cash will come from the sale of Irving assets.

It said its new offer is valued at an estimated $76.50 a share, up from a previous bid of $67. Irving’s shares Tuesday closed at $71.375, up 12.5 cents.

Bank of New York last week also claimed that its new offer was higher than a rival one from Irving’s white knight, Banca Commerciale Italiana.

Irving has accepted Banca Commerciale’s bid of $80 cash for 51% of Irving.