Mellon Rejects Bank of N.Y. Merger Offer

Mellon Bank Corp. said it rejected Bank of New York’s $22-billion unsolicited takeover proposal. The board of the Pittsburgh-based bank unanimously determined that “a merger of our two organizations would not be in the best interests of Mellon or its shareholders, customers, employees, communities and other constituencies,” Mellon officials wrote in a letter to Bank of New York Chairman Thomas Renyi. Wednesday, Bank of New York offered 1.4 shares for each Mellon share in a takeover bid.