Bank of New York Corp.'s bid to buy Mellon Bank Corp. is losing ground in the arbitrage and hedge fund community, market experts said Wednesday.

The loss of support from these groups means fewer aggressive shareholders to pressure Mellon's board into selling to its unwanted suitor.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.