But the British investors who control the other two-thirds of the company are balking.

And earlier in the year, the government's support for a three-way merger of big banks was thwarted when investors balked.

The longer the deficits continue, the greater the risk that these foreign investors will balk.

Foreign investors may balk at paying such a premium, but if they are offered a discount, then the Chinese investors might object.

The 36 percent reduction, to $1.59 billion, came as investors balked at the price of the Indonesian telephone company's shares.

The risk is that foreign investors could balk at continuing to lend the money needed just to finance that deficit.

When investors balked at the fee structure, sending the shares down, other private equity players pulled their deals.

That came down by $575 million in 1989 as investors balked at buying the paper.

But corporate investors have apparently balked at putting up $1.2 billion to build 200 campuses by 1996.

When he tried to merge it with Shopko Stores in 1996, some investors balked and bought him out.