The largest institutional shareholder of BNC Mortgage of Irvine, Calif., has offered $55.4 million to buy the company, topping a management-led offer of just over $50 million, made Feb. 4.

Greenlight Capital of New York, which owns 665,400 shares, or 13.2% of the company, offered to purchase all outstanding shares for $11 each. BNC management offered $10 a share.

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