Shawmut Rises on Talk of B of A Bid
Shawmut National Corp. stock rose in heavy trading Wednesday on rumors that BankAmerica Corp. was mulling a deal to buy the troubled New England bank.
The closing price, $6.75, was 37.5 cents above Tuesday's close. Volume topped 1.7-million shares.
The rise followed a report on cable television channel CNBCdiscussing rumors that San Francisco-based BankAmerica had investigated Shawmut's books in April and was considering taking a second look this month.
Shawmut declined to comment on the rumors.
BankAmerica, which also would not comment, lost the bidding for the failed Bank of New England last month.