Magazine article American Banker

Colorado's Affiliated Buys IntraWest from Boothe

Magazine article American Banker

Colorado's Affiliated Buys IntraWest from Boothe

Article excerpt

NEW YORK -- Affiliated Bankshares of Colorado inc., Boulder, has received a boost in its proposed acquisition of IntraWest Financial Corp. of Denver.

Boothe Financial Corp., a San Francisco-based real estate and equipment leasing company, said Monday it has sold 290,000 shares of IntraWest common stock to Affiliated Bankshares.

Boothe also agreed to sell Affiliated an additional 294,891 shares of IntraWest common stock on or before May 8, 1985. Boothe added that it intends to vote its IntraWest shares in favor of the merger with Affiliated.

The block of IntraWest shares being sold by Boothe represents 9.9% of IntraWest's 5.9 million outstanding common shares.

Affiliated said it paid $22 a share for the 290,000 shares of IntraWest stock that it acquired from Boothe, or a total of $6.3 million. Also, Affiliated paid $294,891 as a deposit for the purchase of the additional shares. It will pay $23 a share for those shares.

IntraWest shares are currently trading over the counter at about $19 each.

Boothe also received a $290,000 payment as a reimbursement for expenses connected with the transaction. Filed Statement with SEC

Affiliated said it has filed a registration statement with the Securities and Exchange Commission with regard to the stock purchase plan. The reports must be right to purchase more than 5% of a publicly held company.

"We have been satisfied with our ownership of the IntraWest Financial common and had given consideration to increasing our ownership in that Colorado bank holding company," said Brian B. …

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