Mellon Bank Corp.'s decision to reject Bank of New York Co.'s unsolicited bid is making some of its activist shareholders impatient.

On Tuesday, Guy P. Wyser-Pratte, president of the eponymous New York investment firm that owns 100,000 Mellon shares, released a letter to Mellon chairman Frank V. Cahouet chastising him as showing "no sign of being willing to allow shareholders to make a fully informed decision on the Bank of New York offer."

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