PNC, Riggs Bank in new deal
UNION-TRIBUNE
February 11, 2005
Salvaging a deal that appeared dead earlier this week, the regional bank PNC Financial Services Group Inc. struck an agreement to pay about $642 million in cash and stock for Riggs Bank, an old-line Washington institution that ran into legal trouble over suspicious financial transactions.
PNC said it has agreed to pay $20 per share for Riggs, $4.25 a share less than the price announced last summer before Riggs ran into regulatory trouble. The agreed price was higher than a revised offer of $19.32 per share that Riggs said PNC had subsequently made and Riggs rejected.
The deal is expected to close "as soon as possible," said a Riggs spokesman.
http://www.signonsandiego.com/news/business/20050211-9999-1b11calbrfs.html
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