AHMANSON CONFIDENT OF BID : RINEHART SAYS GREAT WESTERN BOARD SHOULD FACE HOSTILE TAKEOVER AS FACT.Byline: Deborah Adamson Daily News Staff Writer The chairman and chief executive officer of H.F. Ahmanson & Co. believes his company's unsolicited un·so·lic·it·ed adj. Not looked for or requested; unsought: an unsolicited manuscript; unsolicited opinions. unsolicited Adjective bid for Great Western will succeed and that such a union will be good for both thrifts, their shareholders and the community. In a meeting Wednesday with the Daily News editorial board, Charles Rinehart Charles Rinehart (December 31, 1875 - October 30, 1933) was an American football player. He was elected to the College Football Hall of Fame in 1964. Rinehart played high school football at Phillipsburg High School in Phillipsburg, New Jersey. said the two thrifts share similar goals and, when combined, will be big enough to challenge the state's banking behemoths. ``Great Western is a superb fit for us,'' said Rinehart, whose company is the Irwindale-based parent of Home Savings of America. ``It gives us sufficient size in terms of locations to be able to compete with the likes of Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. .'' Officials at Chatsworth-based Great Western Financial Corp., the parent of Great Western, declined Wednesday to comment on Rinehart's remarks, saying only that their board of directors is still reviewing the takeover proposal. Last month, H.F. Ahmanson made a hostile takeover Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. bid for Great Western in a stock transaction worth upward of more than; above. See also: Upward $6 billion. The merger talks have been anything but friendly. On Monday, Ahmanson wrote to Great Western shareholders asking them to pressure Great Western's board of directors to accept the offer. Great Western officials responded Wednesday in a prepared statement, calling it ``a blatant attempt to limit Great Western's board's options and flexibility.'' Rinehart said board members should accept the fact that the company will be bought, and he called Ahmanson's offer the best possible. ``Somebody will end up acquiring them,'' he said. ``We think it's us.'' Rinehart is confident his deal is a good one for shareholders because, in part, it would generate a hard-to-match cost savings of $400 million when branches and operations were consolidated. Rinehart did not put a total on layoffs, saying that the number would be ``minimal,'' while conceding that some categories of jobs, such as tellers' jobs, might be reduced while other departments were increased. He also reiterated that Ahmanson employees would be protected as much as possible from any downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing . About 200 of both thrifts' 800 branches in California and Florida will be closed if the deal is completed. Madeleine Madeleine (măd`əlĭn, Fr. mädlĕn`) [Fr.,=Magdalen, i.e., Mary Magdalen], large church of Paris, in the Place de la Madeleine. It was originally planned by J. A. Kleiner, Ahmanson's chief administrative officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive , said Great Western branches won't automatically be the ones closed. The company will compare factors, such as access and parking, before deciding which offices to close. If the purchase is successful, Ahmanson will still be headquartered in Irwindale. But the thrift might still use Great Western's facilities in Chatsworth to house some of its employees, Rinehart said. CAPTION(S): 2 Photos Photo: (1--Color) RINEHART (2--Color) KLEINER |
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