Magazine article American Banker

Texas Federal Rejects Offers from Millionaire

Magazine article American Banker

Texas Federal Rejects Offers from Millionaire

Article excerpt

DALLAS -- Officials of Texas Federal Financial Corp. said Wednesday they have rejected two offers from Dallas millionaire H.R. "Bum" Bright to take over the savings and loan company.

"We had a board meeting yesterday, and we decided the offer was totally inadequate," said Joel T. Williams 3d, president and chief executive officer of Texas Federal.

Mr. Bright offered to purchase Texas Federal and its subsidiaries, which include Texas Federal Savings & Loan Association of Dallas, for $65 million in cash. He also made a second offer of $55 million in cash, giving Texas Federal the option of retaining its interests in certain real estate projects.

In a telephone interview, Mr. Bright initialy said he did not think he would make another offer for Texas Federal. But he subsequently changed his statement to say that he had not formulated a plan that would either include a new offer or divestiture of his Texas Federal holdings. He and his associates own 18.8% of Texas Federal's common stock.

Mr. Bright was critical of the company's officials for not disclosing that his offer contained two options.

"The ]Texas Federal] announcement does not correctly state the terms of my offer," Mr. Bright said in a prepared statement. "The offer which I made was, in reality, two offers, either of which could have been accepted by management."

Any acquisition of Texas Federal would have to include $178,920 of stock options. …

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