Steven Davidoff has the analysis here, but it seems he hadn't seen the Wachovia-Citigroup exclusivity agreement, which is here.  The agreement doesn't contain a fiduciary out (a provision that lets the board do with a different bidder if it feels that its fiduciary duties require it to do so).  Is Wells Fargo banking on North Carolina corporate law giving it a way out of the contract?

Update: I've clarified that the agreement mentioned above is the Wachovia/Citi exclusivity agreement. Here's a link to a great interview with Elizabeth Nowicki on the subject.

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