The Kansas investor group that called off its deal for Gold Banc Corp. has submitted a lower offer to Gold's board, which was expected to consider it over the weekend, according to sources familiar with the deal.
Silver Acquisition Group had offered $672 million, or $16.60 a share, for Gold in February, but said in a letter to Gold's board last month that it believed the recent settlement of a lawsuit had lowered Gold's value.
The Leawood, Kan., company has agreed to pay $16 million to settle a "qui tam" lawsuit in which it was alleged to have violated the Federal False Claims Act in connection with its government-guaranteed Farm Service Administration loans.
Gold has disputed Silver's claim that it is less valuable, but it has also acknowledged that the deal could be terminated if an agreement were not reached by Nov. 24.
Industry sources said Friday that Silver has lowered its offer by about 10%. Neither Gold or Silver officials responded to requests for comment.
Gold's stock was trading at $13.65 late Friday, up about 1%.
