With Washington Mutual, the nation's oldest thrift, offering to pay 0.45 of its shares for each of Providian's, the deal would be worth approximately $6.5 billion, according to the AP.
Still, "in a consolidating industry, and in light of the recently announced Banker of America/MBNA transaction, mono-line credit card companies such as Providian represent an increasingly scarce assets that should command a higher price," Putnam said in a statement.
Putnam is set to vote on the proposed merger at an Aug. 31 meeting.
