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Article: First Interstate under siege; Wells Fargo proposes $10 billion hostile bid. (First Interstate Bancorp.; Wells Fargo and Co.)
- Article from:
- Los Angeles Business Journal
- Article date:
- October 23, 1995
- Author:
CopyrightCOPYRIGHT 1995 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Wells Fargo & Co.'s hostile bid for First Interstate Bancorp may be a costly and lengthy battle, investment and banking sources reckoned last week. But they were betting that when the dust settles, San Francisco-based Wells Fargo will take over the only major bank still headquartered in L.A. County.
Only the very top echelon of executives at the two banks knew about Wells Fargo Chief Executive Officer Paul Hazen's overture to First Interstate CEO William Siart on the evening of Oct. 17, banking sources said.
Wells Fargo announced early on Oct. 18 that it was offering 0.625 shares of Wells stock for each share of First Interstate in a deal valued at $10.9 ...