Content area
Full Text
INSTITUTIONAL SHAREHOLDERS of Dime Bancorp Inc. are deriding last week's deal to sell a substantial stake to Warburg Pincus Equity Partners and remain hopeful the area's largest thrift Will still be taken over at a premium.
"It's disgraceful," says Arthur Stainman, a partner at First Manhattan Co., which owns over 4% of the stock. "I think the directors should resign."
Investors certainly reacted poorly, driving the stock down 82 cents on the week to close at $15.81.
Last Thursday, Dime announced that it had arranged for Warburg to invest $228 million in the thrift, which has $24.2 billion in assets, through the purchase of 13.6 million shares and seven-year warrants for an...