Continental Slumps as Tisch Trims Stake
An investor group that includes CBS chairman Laurence A. Tisch has cut its stake in Continental Bank Corp. to 4.2% of the shares outstanding, triggering a sharp price decline.
On Wednesday, Continental shares fell 37.5 cents, to $13.50 in afternoon trading, as over 1.5 million shares changed hands. On Tuesday, the shares fell $1.125, to $13.875.
Mr. Tisch's group sold 1.6 million Continental shares at prices ranging from $14 to $15.375 between Aug. 16 and Aug. 27, , according to a Securities and Exchange Commission filing.
Additional SEC filings indicate that the group, led by FLF Associates, has also sold 1.27 million shares of Bank of Boston Corp. and 450,000 shares of Baybanks Inc. in recent days.