Continuing a war of words, Bank of New York Co. on Wednesday pressed Mellon Bank Corp. to reconsider its unsolicited merger proposal or present a "credible alternative strategy."

Bank of New York asserted in a sharply worded press release that it is "mystified" by the Pittsburgh banking company's refusal to consider its exchange offer of 1.4 shares made public April 22. "The economics" of the merger, Bank of New York said, "are irrefutable."

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