ABN says Bank of America will win LaSalle deal if it matches any higher bid |
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Published
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Wed, 25 Apr 2007 09:39
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AMSTERDAM (Thomson Financial) - ABN Amro Holding NV said if Bank of America Corp matches any superior offer made for the Dutch bank's US unit LaSalle, then BoA will automatically win the deal.ABN Amro said that under the LaSalle sale contract, any alternative bidder has 14 days until until 11:59 PM New York time on May 6 to secure the purchase of LaSalle based on superior terms for cash and not subject to a financing condition.ABN Amro said Bank of America would then have five business days to match the new bidder's superior proposal.ABN Amro would have to pay Bank of America a 200 mln usd termination fee if BoA did not match the superior offer.'If Bank of America matches, there is no further right to terminate the contract for a superior proposal,' ABN Amro said.ABN Amro announced the 21 bln usd sale of LaSalle to Bank of America on Monday, separately from its announcement that it had reached a 67 bln eur merger deal with Barclays PLC, which offered 36.25 eur per share for the Dutch bank.But the Royal Bank of Scotland Group consortium -- consisting also of Fortis NV and Banco Santander Central Hispano SA -- made a higher indicative bid of 39 eur for ABN this morning.The RBoS consortium offer was made dependent on ABN Amro taking steps to ensure that LaSalle Bank remains within the ABN Amro group.aaron.gray-block@thomson.comagb/jsaCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Bank of America agrees to buy LaSalle Bank for 21 bln usd from ABN Amro - report 