P.M. BRIEFING : Investors Drop Talman S&L; Bid
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CHICAGO — An investor group today dropped its $700-million offer for Talman Home Federal Savings and Loan Assn., Illinois’ largest S&L.;
Talman said in a statement that Chicago area banker Harrison I. Steans, leader of the investment group, abandoned the buyout because the S&L;’s revised earnings projections fell below his original expectations.
Talman and Steans announced in May a preliminary agreement under which the Steans group would have bought the S&L; for $400 million and invested another $300 million after the acquisition to bring Talman into compliance with federal capital standards.
Talman, based in Chicago, has assets of $6 billion.
Federal regulators in March ordered Talman to stop paying dividends on its common stock until it meets new government requirements on capital.
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