ABN AMRO has 14 days to accept rival bid for LaSalle

The head office of ABN AMRO bank is seen in Amsterdam March 20, 2007. ABN AMRO <AAH.AS> said on Wednesday the terms of the sale of its U.S. LaSalle operations to Bank of America contain a fourteen day clause to accept alternative offers for the unit.

AMSTERDAM (Reuters) - ABN AMRO AAH.AS said on Wednesday the terms of the sale of its U.S. LaSalle operations to Bank of America contain a fourteen day clause to accept alternative offers for the unit.

"An alternative bidder has these 14 days to execute a definitive sales agreement for the same businesses on superior terms for cash and not subject to a financing condition," ABN AMRO said in a statement.

Bank of America has the right to match the new bidder's proposal during the next five business days, ABN AMRO said, and ABN AMRO has to pay $200 million if Bank of America does not match a rival offer.