pzarquon
April 23rd, 2004, 10:31 AM
Hot off the presses! One of the biggest battles of local business in years is finally drawing to a close.
CPB, City Bank merger a go (http://www.hawaiinews.com/archives/business/000275.shtml)
One of Hawaii's most contentious and public business battles in years is drawing to an end, with Central Pacific Bank (http://www.cpbi.com) announcing today that its aggressive campaign to acquire rival City Bank (http://www.citybankhi.com) has finally succeeded. Central Pacific will acquire all of City Bank's outstanding shares at $91.83 each, a 26 percent premium over the value at yesterday's closing bell. The combined bank will have assets of $4 billion, solidifying CPB's position as the fourth largest player in the state behind First Hawaiian Bank (http://www.fhb.com), Bank of Hawaii (http://www.boh.com), and American Savings Bank (http://www.asbhawaii.com/).
CPB, City Bank merger a go (http://www.hawaiinews.com/archives/business/000275.shtml)
One of Hawaii's most contentious and public business battles in years is drawing to an end, with Central Pacific Bank (http://www.cpbi.com) announcing today that its aggressive campaign to acquire rival City Bank (http://www.citybankhi.com) has finally succeeded. Central Pacific will acquire all of City Bank's outstanding shares at $91.83 each, a 26 percent premium over the value at yesterday's closing bell. The combined bank will have assets of $4 billion, solidifying CPB's position as the fourth largest player in the state behind First Hawaiian Bank (http://www.fhb.com), Bank of Hawaii (http://www.boh.com), and American Savings Bank (http://www.asbhawaii.com/).