Byline: Associated Press
Irving Bank Corp. said Wednesday that Banca Commerciale Italiana raised its cash tender offer by $10 per share but reduced its proposed stake in the banking company, which is fending off a rare hostile takeover from rival Bank of New York Co.
In composite trading on the New York Stock Exchange, Irving closed 25 cents higher to $61, while Bank of New York was unchanged at $31.37 1/2.
Under its revised offer, the state-run Banca Commerciale - Italy's second- largest bank - would pay $75 a share for 8.5 million shares, or 45 percent of Irving's outstanding common stock. Banca Commerciale also would have the right to buy an …
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