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News > Deals
BNY withdraws Mellon bid
May 20, 1998: 8:18 a.m. ET

$24 billion offer scrapped in wake of Mellon's refusal to meet with suitor
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NEW YORK (CNNfn) - Bank of New York said Wednesday it is calling off its $24 billion takeover proposal for Mellon Bank Corp.
     The action was taken after Mellon's board declined to meet with Bank of New York officials as requested in a May 14 letter sent to Mellon Chairman and Chief Executive Frank Cahouet.
     "Mellon's refusal to meet with us and to have the opportunity for a constructive dialogue that would move this merger forward is inexplicable," said Thomas A. Renyi, chairman and chief executive of Bank of New York.
     Effective immediately, Bank of New York will resume its stock buyback program that was suspended April 22 in connection with the merger proposal.Back to top

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Mellon rejects $24B bid - April 22, 1998

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.
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