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.