Bay View Capital Corp. of San Mateo, Calif., announced Tuesday that its board has retained the services of Merrill Lynch & Co. to assist in evaluating its "strategic options," including the potential sale of some or all of its business units.

"Our common stock continues to trade below tangible book value and does not reflect the intrinsic value associated with our underlying franchise," said Edward H. Sondker, Bay View's president and chief executive officer. "As a result, we intend to evaluate strategies to capture and return this value to our stockholders."

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