BankAtlantic Bancorp Inc. in Fort Lauderdale, Fla., has given up its attempt to cash out its bondholders at a discount.
The $4.8 billion-asset company announced Tuesday that it had terminated its offer of 60 cents on the dollar to holders of its trust-preferred securities. The offer was scheduled to expire Sept. 30.
BankAtlantic initiated the offer in January with a proposal to pay 20 cents on the dollar. For months, it has pushed back the deadline and upped the offer but has failed to attract interest.
