Trying to spur interest in a planned public stock offering, top officials of Continental Illinois Corp. will host a meeting Monday in New York with prospective institutional investors.
But the head of the Federal Deposit Insurance Corp., which is selling the stock, won`t be there.
”Our attorneys are being very careful about this one,” an FDIC spokesman said. ”
The FDIC plans to offer 57.5 million common shares of Continental, or about a third of its holdings in the banking firm that it received during the $4.5 billion rescue of the Chicago institution in September, 1984.
Financial industry sources said the initial planned stock offering has received a cool response so far from prospective investors.
L. William Seidman, FDIC chairman, planned ”to drop by Continental on Friday” in a ”courtesy call” and ”probably will review the planned sales pitches at that time,” the agency spokesman said.
