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OF THE SECURITIES EXCHANGE ACT OF 1934
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GREAT WESTERN FINANCIAL CORPORATION
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(Name of Registrant as Specified in Its Charter)
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[PRESS RELEASE]
[GREAT WESTERN LOGO]
NEWS
FOR IMMEDIATE RELEASE
MAY 20, 1997
Contact: Ian Campbell 818-775-3773
Charlie Coleman 818-775-3766
GREAT WESTERN BOARD REJECTS AHMANSON'S PROPOSED
EXCHANGE OFFER
REAFFIRMS COMMITMENT TO WASHINGTON MUTUAL MERGER
CHATSWORTH, Calif. - Great Western Financial Corporation
(NYSE: GWF) today announced that its Board of Directors by
unanimous vote of those directors present, determined that H. F.
Ahmanson & Company's proposed exchange offer, which contains the
same financial terms as Ahmanson's unsolicited merger proposal, is
not in the best interests of Great Western and its stockholders.
The Board by unanimous vote of those directors present, recommended
that Great Western stockholders reject Ahmanson's proposed exchange
offer and, if and when that offer is commenced, not tender their
Great Western shares to Ahmanson.
The Board also reaffirmed its determination that the terms of
its announced merger with Washington Mutual, Inc. (Nasdaq: WAMU)
are fair to, and in the best interests of, Great Western and its
stockholders.
Great Western said: "In sharp contrast to Ahmanson's
unsolicited proposal, our merger with Washington Mutual makes
compelling economic and strategic sense for Great Western
stockholders. Washington Mutual, with a superior record of
stockholder returns, dividend history, financial strength, market
valuation and cost management is clearly the superior partner. We
remain strongly committed to our merger with Washington Mutual and
look forward to the June 13 stockholder vote."
With assets of $42.9 billion, Great Western Financial
Corporation is a diversified financial services company operating
more than 1,150 mortgage lending, retail banking, and consumer
finance offices nationwide. Great Western's principal subsidiary,
Great Western Bank, is a mortgage-oriented consumer bank with
banking branch networks in California and Florida.
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