Shares of embattled Michigan National Corp. plunged Monday after management doused takeover speculation by announcing that its Dutch tender offer had been oversubscribed - and that more shares may be repurchased.

The company said it would repurchase 2.166 million shares, or 14% of all shares outstanding, at $78 a share. That was at the low end of the $78-to-$90 range the $9.2 billion-asset bank had announced Nov. 3.

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