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BNY withdraws Mellon bid
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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.
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