In the latest twist to an unusually difficult pending merger, Roslyn Bancorp officials said Monday that they do not intend to increase their offer for T R Financial Corp.

Under the merger agreement struck in May, T R has the right to ask Roslyn to increase the number of shares offered if Roslyn's stock trades at under $20.72 when the deal is scheduled to close or if its stock has underperformed an index of selected thrift stocks.

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