Offer to Buy Out Bank Is Withdrawn
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SANTA ANA — Six investors--Edward T. Chan, George H. Lai, Howard K. Lee, Johnny Ma, Kurt Oetiker and Katy C. Shu--have withdrawn their offer to purchase all the shares of Grand National Bank in Santa Ana, the investors said Friday in a prepared statement.
Shares tendered during the offer will be returned to the shareholders. No reason was given for the collapse of the deal, and no one could be reached for comment.
This is the second buyout of the bank that has failed in the last year. An Indonesian investor in 1989 had reached a tentative agreement to buy Grand National for $5 million, but the deal fell through later.
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