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Merger Bulletin
[Great Western Logo]
June 4, 1997 Vol. 1 Number 14
To All Employees:
AHMANSON WITHDRAWS ACQUISITION PROPOSAL
Yesterday, as you know, the Delaware Chancery Court
rejected Ahmanson's attempt to delay the Great Western
stockholder vote on the Washington Mutual merger.
Following the court's decision, Ahmanson announced today
that it had withdrawn its proposal to acquire Great
Western.
The merger vote will take place as planned on June 13,
and the vote could be certified that day. With
stockholder approval, and regulatory approvals which are
expected shortly, the WAMU merger could be completed in
late June or early July. As these events occur, we are
committed to informing you as quickly as possible.
I firmly believe that the WAMU merger is good for our
company, our shareholders and our employees. For many
employees, there will be continued career opportunities
with a strong company that has excellent prospects for
long-term growth.
But, as we know, this merger will not be pain-free, and
some job losses will be unavoidable. The Change In
Control Benefits Program is designed to provide
separation benefits to eligible employees whose jobs are
eliminated.
As we go forward, we will share with you the specific
plans for the integration of the two companies as they
are developed.
You can all take pride in your ability to conduct
business better than usual in recent months under
sometimes stressful circumstances. I know I am proud of
your performance, which actually improved, according to
first quarter results. I thank each of you for doing a
top-rate job in a challenging business environment.
/s/ John F. Maher
John F. Maher
President and Chief Executive
Published by Corporate Communications -- Great Western -- N 11 36 --
9200 Oakdale Avenue, Chatsworth, CA
