Bank of America Wins LaSalle; Time for Consortium's Plan B

July 16, 2007

The Dutch Supreme Court issued a clear ruling in favor of the ABN AMRO (ABN) sale of LaSalle Bank to Bank of America (BAC) for $21 billion in cash. The consequences of this ruling for the competing bids for ABN AMRO from Barclays (BCS) and the consortium of RBS, Fortis and Banco Santander (STD) sets up the next, and possibly final, round of bidding. Barclays has an all-stock offer on top of the Bank of America cash for LaSalle. The RBS-led consortium now has to revise its bid structure (Plan B) since its initial bid is no longer feasible.

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