Monday, May 7, 2007

Okay, the brakes are on

And the M&A guys can slow down a little. The RBS-led consortium offer is, of course, rejected as being insufficient and risky, the board is going to let the shareholders give their views in due course, and now there's litigation with B of A to resolve, litigation that will probably be too material to allow a closing to occur. Heck, the LaSalle Bank Chicago Marathon may even have one last hurrah in October the way things sound this morning. Maybe this gets resolved by each bank cherry-picking assets. The problem there is that LaSalle is the asset worth fighting over.

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