In what is probably not the final chapter of the Dime Bancorp Inc./North Fork Bancorporation takeover saga, Dime announced on July 6 it had secured a strategic investor and had appointed a new chairman. The move comes at the end of Dime’s fruitless search for a white knight to fend off North Fork’s March $1.96 billion hostile bid. Warburg Pincus Equity Partners will invest $238 million for 13.6 million shares and 13.6 million warrants, a 22% stake in the company. Dime will use the proceeds to buy back 12.5% of the company’s stock in a Dutch auction style between $16 and $18 per share.
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