Former Sovereign Bancorp Inc. chief executive officer Jay Sidhu made a bid last month to buy the Philadelphia company for almost $4 billion in cash, according to three people familiar with the offer.

Sovereign's board of directors received a letter on Nov. 11 from a third party "indicating an interest" in acquiring all of Sovereign's outstanding shares for $6 each, according to a regulatory filing.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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