	bank of new york reaffirms terms for irving v the bank of new york corp bk said it reaffirmed the terms of its offer for irving bank corp despite the drop in the bank of new york s share price to a bank of new york spokesman said the offer still stands we have not changed our offer a bank of new york spokesman said irving would not comment on how the drop in the market affects its position on the bid or whether it would buy back any of its own shares earlier this month irving rejected the bid as inadequate and said it wanted to retain its independence in late september bank of new york offered dlrs per share in cash for pct of irving for the remaining pct it offered an exchange of shares of its shares for one irving share at that time the stock purchase portion was worth close to dlrs per share but now that portion is worth dlrs per share for a net price of dlrs one analyst said according to the prospectus offer shareholders may tender for all cash or all shares on a first come first serve basis analysts were mixed about how the stock price drop would affect the uisition if it gets to the irving shareholders they would approve it but irving hopes the offer won t go to the shareholders said mark alpert banking analyst with bear stearns cos inc and the market is saying the deal won t go through alpert said the transaction looks highly unlikely to be completed at present if irving wouldn t go with the offer at dlrs a share then they won t go at a lower price another analyst said the analyst also doubted that bank of new york could afford to retain its original offer however industry sources were more uncertain about prospects for the deal with irving s price so low bank of new york s offer will look good to irving shareholders said michael flores a consultant at bank earnings international a consulting firm the drop of irving s share to dlrs per share which is about a dlr drop from the beginning of last week increases the chance that bank of new york will succeed flores said analysts said that the drop in bank stock prices is likely to depress the level of mergers and uisition in the banking industry bank takeovers are less likely because banks can t use their own stock to make uisitions because their share price is too depressed alpert said since only banks can buy another bank the only other possible uirors would be a foreign bank alpert said in the market drop the stock of uirors got clobbered more than the uirees another analyst said reuter 
