Private equity groups with their sights set on a hostile takeover of Shawbrook Bank have extended the offer period after confirming investor support of 45.1% of the bank’s shares.
The offer of £842.4m, which was rejected by Shawbrook’s board in March, will remain open until May 26, Reuters reported.
At the time the offer was made, analysts warned it represented an undervalue.
If the offer is accepted, it would see Pollen Street Capital, in partnership with BC Partners, buy back the bank it took to flotation in April 2015.
A report by Digital Look, said Pollen’s Marlin Bidco consortium would need to obtain valid acceptances of at least 50% to allow it to push through the takeover.
A spokesperson for Shawbrook said there was no further statement at this time.
Pictured: Shawbrook chief executive Steve Pateman
Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. Previously she worked worked for the Daily Mail and Property Week. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions.
Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @SamJPartington1.