TrustCo Bank Corp NY of Glenville announced Tuesday that it had terminated its tender offer for shares of the $310 million-asset Ballston Spa Bancorp, because the bid had failed to attract enough shares.
TrustCo was offering $45.50 a share but said it needed to get 51% of those outstanding by Jan. 10 for the offer to take effect. The $2.8 billion-asset company did not disclose how many shares were tendered.
TrustCo made its offer to Ballston Spa's investors last month, after that company's management had rejected an offer of $32 a share. Robert Leonard, a TrustCo spokesman, said at the time that Ballston Spa's management made it clear that it was not interested in negotiating.
Ballston Spa said TrustCo's offer, which valued the company at $34 million, was inadequate.
Ballston Spa's shares were trading down by nearly 4% midday Tuesday, at $43 per share.
The episode marks TrustCo's latest failure in the field of mergers and acquisitions. Over the past seven years it has unsuccessfully bid for at least five other companies.
