Fifth Third Bancorp on Tuesday abandoned its quest to buy Star Banc Corp. after its cross-town Cincinnati rival rejected a sweetened buyout offer valued at $42 a share, or roughly 2.2 times book value.

The sudden turn of events sparked a selloff of Star Banc common shares, which fell by $5.50, or 14.7%, to close at $32. The stock was trading at $28.50 when Fifth Third made an unsolicited offer of $38 to $40 a share in mid-May.

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