Bank of Boston to Issue Buyout Stock:...
From Times Staff and Wire Reports
Bank of Boston to Issue Buyout Stock: The bank said investors have agreed to purchase $500 million in new stock to help finance its bid for the failed Bank of New England. Ten investors will purchase $250 million in common stock at $6.75 per share. Other investors will buy $250 million in preferred stock convertible into common. The Federal Deposit Insurance Corp. will announce on April 16 the winning bidder for Bank of New England, which the government seized in January.
