Wachovia Board Votes to Reject SunTrust Bid
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Wachovia Corp.’s board of directors voted to reject a “hostile” $13.7-billion acquisition proposal from SunTrust Banks Inc., reaffirming previous plans to merge with First Union Corp.
“We looked long and hard, and on multiple occasions, at a combination with SunTrust and concluded it would not work,” Wachovia Chairman L.M. Baker said.
Shares of Winston-Salem, N.C.-based Wachovia rose 55 cents to $65.70; Atlanta-based SunTrust climbed 80 cents to $61.84; and First Union, of Charlotte, N.C., rose 70 cents to $31.70. All trade on the NYSE.
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