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First Interstate Snubs Wells Again


In Business This Week

FIRST INTERSTATE SNUBS WELLS AGAIN

JUST HOW MUCH MONEY CAN First Interstate turn down? On Nov. 20, the Los Angeles bank rejected Wells Fargo's third hostile offer, sweetened to $141 a share. Chiding Wells for "recklessly pursuing" its bid, CEO William Siart asked shareholders to instead accept First Bank System's offer of $136. In an SEC filing, the bank said its largest shareholder, Kohlberg Kravis Roberts, had reckoned that an "equitable" offer would require Wells to exchange 0.7 of its shares for each FI share--just higher than its current offer of 0.67 shares.EDITED BY KEITH H. HAMMONDS


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