Triad Business Bank urges M&F to engage on rival offer before November 4 vote
MFBP•Triad Business Bank urged M&F to engage on its competing proposal as M&F postponed its shareholder meeting to November 4. The proposal offers $53.50 per share in cash or a fixed 1.25-share exchange ratio, while the Optus agreement offers up to $46.57 per share at closing, plus $6.73 conditional on timely Series E preferred redemption.
1. Competing proposal terms
Triad Business Bank challenged M&F’s rejection of its competing proposal. It offers $53.50 cash per share or a fixed 1.25-share exchange ratio; cash elections above 25% of outstanding shares would be prorated.
2. Combined institution and Optus deal
M&F shareholders would own about 47% to 50% of the $1 billion combined institution, which would preserve M&F’s charter, Durham headquarters and minority-depository status. The Optus agreement offers up to $46.57 per share at closing, with another $6.73 conditional on timely Series E preferred redemption; Optus would absorb M&F Bank at closing and retain the Mechanics & Farmers name for two years as a division.
