Bank of New York Co. is likely to drop its unsolicited bid for Mellon Bank Corp. within the next few weeks, said research director David S. Berry of Keefe, Bruyette & Woods Inc. in a Thursday report.

Mr. Berry, who met with Bank of New York chief executive Thomas A. Renyi on Wednesday with a handful of Keefe clients, said Mr. Renyi indicated that the stalemate between the two companies "must be resolved one way or another within a few weeks, since the current state of affairs is not good for either company."

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