Golden State Investors Sue to Stop Merger

Some shareholders of Golden State Bancorp are asking a Delaware judge to stop financier Ronald Perelman from taking control of the California thrift in a $2.5-billion merger, saying investors are being shortchanged in the transaction. Perelman said Thursday his thrift, First Nationwide Holdings Inc., would take control of Glendale-based Golden State, the holding company for Glendale Federal Bank, in a reverse merger to form the nation’s third-largest savings and loan. Golden State shareholders could get as much as a 58% stake in the company, depending on stock prices during a transition period. At least three shareholders filed suit against Golden State’s board and Perelman’s holding companies in Delaware Chancery Court in Wilmington, saying shareholders’ stake in the combined thrift is too low. Perelman wasn’t immediately available for comment. Golden State’s shares fell $1.25 to $36.75 on the New York Stock Exchange.