Magazine article American Banker

Bright's Extra Dollar Wins Fight for S&L: Bid of $33 a Share Carries the Day in Battle with Albritton for Dallas Federal

Magazine article American Banker

Bright's Extra Dollar Wins Fight for S&L: Bid of $33 a Share Carries the Day in Battle with Albritton for Dallas Federal

Article excerpt

DALLAS -- Texas businessman H.R. "Bum" Bright won his battle late Monday night to acquire the Dallas Federal Financial Corp. in a deal worth at least $120 million.

Mr. Bright outbid the Albritton Development Co., a Dallas real estate developer, by $1 a share, offering $33 a share for the S&L company. Albritton had agree Feb. 14 to purchase Dallas Federal for $32 a share, outbidding an earlier offer by Mr. Bright of $30 a share.

The Dallas businessman had challenged the proposed Dallas Federal-Albritton plan in Dallas and Delaware courts. As part of Monday's agreement, he will drop the lawsuits.

Officials of Dallas Federal and Bright Banc Savings Association began meeting about 8 a.m. Monday and halted trading of Dallas Federal stock at 10:25 a.m., EST. Officials continued their meetings until nearly 11 p.m., breaking earlier in the evening for a fast-food fried chicken dinner.

Mr. Bright is attempting to build a financial services empire through the acquisition of S&Ls and allied businesses. In late 1984, he created Bright Banc Savings Association through the merger of Texas Federal Savings with his Trinity Bank Savings Association.

At yearend, Bright Banc had assets of $2.2 billion at 43 branches.

"We recognize the strength of the Albritton proposal to acquire Dallas Federal, and so we purchased Albritton's position and offered Dallas Federal $1 per share or more than Albritton's offer," Mr. Bright said in a prepared statement.

Also in prepared statements, officials for Dallas Federal and Albritton expressed pleasure with the proposal.

"Bright Banc made us an attractive offer for our position in Dallas Federal," said Robert L. Albritton, chairman of the company. "Our acceptance of the Bright Banc offer was made with the full knowledge and concurrence of Dallas Federal. …

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