Washington Mutual Inc. has laid out the details of its merger agreement with Great Western Financial Corp., putting the onus on H.F Ahmanson & Co. to demonstrate to shareholders that its hostile bid is better.

Observers said Ahmanson probably will make a counteroffer in the next few days if it exhausts other attempts to move the market in its favor.

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.