Trading in the class A stock of Financial General Bankshares Inc. was suspended by the American Stock Exchange yesterday because of questions about whether the shares will be included in an offer to take over the company.
Sale of Financial General's common stock was also halted briefly, but resumed and closed up 50 cents a share at $21.50.
There are about 6 million shares of Financial General common stock and 600,000 shares of the class A shares outstanding. The difference between the two is that common shares get 10 votes each in corporate voting and class A shares get only one.
The class A stock usually trades for a few dollars a share less than the common. On Thursday, the class A closed at $16.50.
The class A stock has not been included in an offer for the company made by a group of Middle Eastern investors, the company said in a statement issued in response to inquiries from Amex.
The group has proposed an offer of $25 a share for the common stock and recently discussed a $28.50 offer with Financial General officials.
Almost 30 percent of the class A stock is owned by Eugene B. Casey of Gaithersburg, who recently announced his support for the takeover. Casey also is the second largest single holder of the common stock, after board chairman B. F. Saul, the leading opponent of the take over.