NEW YORK (CNNfn) - Dime Bancorp canceled it $1.5 billion proposed merger with Hudson United Bancorp Friday, which has been problematic since North Fork Bancorp initiated a hostile big for Dime.|
Representatives for Dime (DME: Research, Estimates) and Hudson could not be reached for comment, but the companies announced in a statement they would not discuss the reasons to terminate the merger.
Dime recently scored a victory against North Fork's $1.8 billion hostile bid when a Delaware Court Judge ruled that arguments for Dime's antitrust case against North Fork (NFB: Research, Estimates) could be heard in New York. Dime claims North Fork's acquisition will give the company too many branches in too small an area.
Dime said it will be exploring strategic alternatives and reiterated its strong opposition to North Fork Deal.
Through a statement, the company said, "North Fork's hostile offer is inadequate, is based on unachievable assumptions and is fraught with risk."
Dime also agreed to pay Hudson (HU: Research, Estimates) $50 million to $92 million if it is acquired by, merges with, or sells a substantial amount of its assets to another company before Oct. 28, 2000.