NCNB Corp.'s offer to exchange 1.075 shares for each C&S Corp. share isn't generous enough to warrant support by the takeover target's institutional shareholders. The stock swap, valued at $39 a share when announced March 30, is widely regarded as a starting point for negotiations-not a final offer. Tom Medcalf, a portfolio manager for Minneapolis-based IDS Mutual Inc., said that "sitting here in Minneapolis, playing with my pencil, I can quickly see NCNB's ability to pay $45" a share. "I think that C&S management has to listen seriously to the offer, but on an acquisition basis, the stock is worth more than $39." (excerpt)
Full text: The Business Journal, Apr 10, 1989
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