Bankers Trust New York Corp. is extending until next Monday an exchange offer that lets holders of its 8.72% preferred receive new stock with a lower 7.375% dividend but more call protection.
The company is also lowering the number of shares that must be tendered for the exchange to go through.
Bankers Trust had set last Friday as the deadline but received tenders for only 1.05 million shares of the 1.5 million required for the deal to become effective.
Officials believed that stockholders would be willing to forgo the higher dividend in exchange for the security of being able to hold the stock without fear of its being called away.
