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COPYRIGHT 2001 Knight-Ridder/Tribune Business News
By Christine Van Dusen, The Atlanta Journal and Constitution Knight Ridder/Tribune Business News
May 31--SunTrust Banks will have to improve its offer to wrest Wachovia from First Union, industry-watchers said Wednesday.
But SunTrust Banks refuses to budge. In a conference call the same day, executives from the Atlanta-based holding company said they will never waver from the unsolicited offer of 1.081 shares for every Wachovia share.
This deal initially offered a premium of 16 percent over First Union's bid of two shares for every Wachovia share.
Now, SunTrust Banks' deal offers a premium of only 4 percent because its shares have slipped. The offer is worth $65.72 per...
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