First Interstate: A Bank To WatchBy
Speculating on takeovers of troubled banks is a dangerous game. If you're wrong, you're stuck with a sick bank. But here's one low-priced bet that some pros say has a potentially high reward: the Class A shares of First Interstate Bancorp. There are some 43 million of them, trading on the Big Board at 9/16, or 56~ a share. They shouldn't be confused with Interstate's common stock, now trading at 28. What the pros are buying are the Class A shares. In a takeover, they could fetch about 10 times the current price.
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