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Glenfed Shares Sold: Royal Trustco, meantime, sold 515,000 shares of stock in Glendale Federal’s parent firm to reduce its ownership stake to a little less than 5%, approximately 1.5 million shares.
The Canadian firm had purchased nearly 10% of Glenfed Inc. stock in the fall of 1987 in an apparent effort to work out a friendly merger. But Glenfed rebuffed Royal Trustco, and the Canadian firm did not want to launch a hostile takeover.
After its purchase of Pacific Savings, Royal Trustco was required to reduce its stake in Glenfed to less than 5%. Federal regulations prohibit the owner of one federally insured S&L; from holding more than 5% of an S&L; that it doesn’t control, according to a filing with the Securities and Exchange Commission.
Last month, the Canadian firm sold 836,400 shares to cut its stake from 9.4% to 6.7%.
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