FBP, interesting... 8:34AM First Bancorp receives and rejects unsolicited proposal from Doral for a stock-for-stock exchange valued at $0.30 for each share of the co's common stock (FBP) 0.26 : Co announces rejection of an unsolicited acquisition proposal received from Doral Financial (DRL). On Dec 2, 2010, the co received a letter from DRL proposing a stock-for-stock exchange valued at $0.30 for each share of the its common stock. Doral's proposal contemplates that it will raise $550 million prior to transaction closing and reach a new agreement with the U.S. Treasury to exchange the Corporation's Series G Preferred Stock the U.S. Treasury currently holds into shares of common stock of the combined company at a discount. The co's Board of Directors concluded that the acquisition proposal received from Doral is not in the best interest of the co and its stockholders.
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All posts are strictly my opinion and are not buy or sell recommendations.
