Harvard can take 20 percent of the earningsfrom another source and add them to White River'sas reserve to make the corporation's profitsappear higher, Gordon said.
Harvard and White River officials wereoptimistic about the acquisition.
"We're extremely pleased by the decisionreached by White River's board of directors,"Mason said. "We worked on the transaction for along time, and we're looking forward to getting itclosed."
Harvard approached White River with the offer,according to Michael E. B. Spicer, chief financialofficer of White River.
"The original Harvard proposal was anunsolicited bid," he said. "But it was attractiveenough for the White River board to look at it."
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Spicer added that Harvard will give eachshareholder $90.67