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Palisair will not proceed with tender offer for 1st Century Bancshares
By Lisa Kerner
Charlotte, N.C., March 10 - Palisair Capital Partners, LP have determined not to proceed with its $8 per share tender offer for 1st Century Bancshares, Inc., announced on Feb. 29.
The offer was set to begin on March 14, according to a schedule 13D filing with the Securities and Exchange Commission.
The investors bought 593,692 shares of 1st Century Bancshares between Feb. 22 and Feb. 29, priced from $5.81 to $8.20, for a 6.9% stake in the company.
1st Century Bancshares is a Los Angeles-based bank.
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