(Reuters) - NEW YORK, June 25 - Struggling Puerto Rico lender Doral Financial Corp. , which agreed last month to a buyout led by Bear Stearns Cos.' private equity arm, said on Monday a rival bidder that offered more than double the price has dropped out.
The decision by FBOP Corp. not to proceed with its offer may clear the way for the group led by Bear Stearns Merchant Banking to invest $610 million in exchange for a 90 percent stake in Doral, valuing the San Juan-based company at 63 cents per share.
Read more at Reuters.com Bonds News
The decision by FBOP Corp. not to proceed with its offer may clear the way for the group led by Bear Stearns Merchant Banking to invest $610 million in exchange for a 90 percent stake in Doral, valuing the San Juan-based company at 63 cents per share.
Read more at Reuters.com Bonds News
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