Stocks to Watch: WES, WFSI
Both, WES and WFSI are currently halted.
Westcorp confirms discussions regarding combination (63.30 +5.95)
Co confirms that it was in discussions regarding a possible business combination. Westcorp indicated that absolutely no determination has been made as to whether any business combination would be in the best interests of Westcorp's shareholders. As previously reported, the approval process for the conversion of Western Financial Bank to a California state commercial bank and the merger of WFS Financial into Western Financial Bank as a part of the acquisition of the minority interest in WFS Financial is taking longer than originally expected, and the co has been exploring other alternatives. Any such business combination would be an alternative transaction to the pending merger and related charter conversion, originally announced in Westcorp's May 24, 2004 press release. (Both WES and WFSI are halted.)