City Bank rejects takeover offer

Advertiser Staff

City Bank today announced that it has rejected a takeover offer by Central Pacific Bank.

City Bank parent CB Bancshares Inc. said its board of directors unanimously rejected the bid.

Central Pacific, through parent Central Pacific Financial Corp., had proposed to buy all stock of CB Bancshares Inc. for $70, a $23.62 per-share premium over City Bank's stock price when the offer was made more than two weeks ago.

Central Pacific announced on April 16 a hostile takeover bid to buy rival City Bank for $285 million.