Great Western Board Shuns Ahmanson Bid

Great Western Financial Corp.’s board again rejected a hostile takeover offer from H.F.

Ahmanson & Co., reaffirming support for its acquisition agreement with Washington Mutual Inc.

Ahmanson first approached Great Western shareholders with its $6.89 billion proposal in February, only to have its offer spurned for a $6.95 billion stock bid from Seattle-based Washington Mutual.

Ahmanson on May 12 said it asked the Securities and Exchange Commission to allow it to execute a stock swap with Great Western. Tuesday, Great Western said SEC permission wouldn’t affect its decision.