Shawmut Sags on Talk Of Stalled Merger Plan
Shawmut National Corp. stock dropped 87.5 cents a share Wednesday, to $8.625, on speculation that it would back out of merger talks with Bank of Boston Corp.
Trading volume, at nearly 1 million shares, was heavy for the $22 billion-asset company.
Bank of Boston shares dropped 37.5 cents, to $11.375, on normal volume. Speculation has been rife for weeks on the likelihood of a merger between the two companies.
The Boston Globe reported Wednesday that the two companies had been hashing out a deal for a week in a suite in Boston's Meridien Hotel.
