CoreStates rebuffs Mellon
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October 10, 1997: 7:32 a.m. ET
Philadelphia banker rejects $18 billion merger with neighboring firm
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NEW YORK (CNNfn) - CoreStates Financial Corp. has apparently rebuffed an $18 billion takeover offer from Mellon Bank.
Pittsburgh-based Mellon made the $88 per share offer late last month, according to published reports. CoreStates, based in Philadelphia, rejected the offer after a few days of consideration.
If the deal had gone through, it would have been the largest bank merger in U.S. history. There is some speculation on Wall Street that Mellon may pursue the deal on a hostile basis.
On Thursday, CoreStates stock was up 3/8 to 72-3/8. Mellon shares dropped 2-1/4 to 54-7/8.
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