Riggs National Corp., shamed by a series of money-laundering charges, said Thursday it has accepted PNC Financial’s discounted acquisition offer for $654 million in cash and stock.
The new terms, representing a 16 percent markdown from the $779 million agreement signed in July, comes just four days after the two banks broke off talks when Washington-based Riggs rejected a lower offer from PNC.
Under terms of the new deal, Riggs shareholders would receive $20 for each share. PNC will pay $286 million in cash and the remainder in stock. The deal is expected to close soon, but either side can walk away if the deal doesn’t close by May 31.
Riggs also agreed to drop a lawsuit against PNC. Riggs on Monday sued the company, seeking damages for the scuttled deal and saying it would negotiate with other merger partners.
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