In an apparent concession to disgruntled shareholders, PBOC Holdings Inc. of Los Angeles has amended its pending $200 million deal with an Illinois acquirer to give PBOC an out if another company makes a higher bid.

PBOC, the $3.3 billion-asset parent of People’s Bank of California, announced Dec. 8 that it had agreed to be bought by FBOP Corp., a $5.4 billion-asset multibank holding company in Oak Park, Ill., for $10 a share. But within 12 days three shareholder groups had sued PBOC, claiming it breached its fiduciary duties by accepting what they called too low a price. The suits, filed in Delaware Chancery Court and consolidated into a single complaint in January, seek to halt the merger.

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