Dime Bancorp Dismisses North Fork Bancorporation's Hostile Offer

Dime Bancorp, a regional bank serving the New York City metropolitan area, has strongly rejected a hostile takeover offer from North Fork Bancorporation. In a statement, Dime's board of directors explained that the offer is "disruptive, inadequate, and not in the best interests of Dime shareholders." The two companies had previously explored a potential merger, but mutually decided against it two years ago. Dime is urging North Fork to abandon its hostile bid, citing concerns about the impact on Dime's shareholders, customers, and the communities it serves. The company also believes that North Fork's shareholders should be concerned about the effects of their management's actions on their own company.

Key Takeaways:

• Dime Bancorp has rejected a hostile takeover offer from North Fork Bancorporation, calling it "disruptive, inadequate, and not in the best interests" of Dime shareholders.
• The two companies had previously explored a potential merger but mutually decided against it two years ago.
• Dime is urging North Fork to abandon its hostile bid, citing concerns about the impact on Dime's shareholders, customers, and the communities it serves.
• The company believes that North Fork's management is motivated by a desire to "diminish competition and eliminate a strong competitor."
• Dime has 127 branches located throughout the greater New York City metropolitan area.
• The company also provides consumer loans, insurance products, and mortgage banking services throughout the United States through its mortgage-banking subsidiary, North American Mortgage Company.

Statistics:

• 127: The number of branches Dime has located throughout the greater New York City metropolitan area.
• 2 years: The amount of time since Dime and North Fork last explored a potential merger.
• NYSE: DME and NYSE: NFB: The ticker symbols for Dime's and North Fork's shares, respectively.

Sources:

• Press release from Dime Bancorp, dated March 15, 2000.