Triad Business Bank publishes M&F Bancorp offer after board rejection
MFBP•Triad Business Bank disclosed its fourth proposal for M&F Bancorp after the target’s board rejected further discussions. The October 8 offer is $53.50 cash per share for up to 25% of outstanding shares, or 1.25 M&F Bancorp shares for each existing share, and remains open through an October 20 shareholder vote and any adjournments if shareholders do not approve the Optus agreement.
1. Offer terms
Triad Business Bank disclosed its fourth proposal for M&F Bancorp despite the target board’s October 14 rejection of further discussions. The October 8 proposal offers $53.50 cash per share for up to 25% of outstanding shares, with oversubscriptions prorated, or 1.25 M&F Bancorp shares for each existing share. The holding company would retain both banks under separate charters.
2. Vote condition
M&F Bancorp shareholders did not approve the competing Optus agreement on October 7, and the meeting was adjourned to October 20. Triad’s proposal remains open through that vote and further adjournments, but is available only if the Optus agreement is not approved.
