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Private equity last ditch attempt at Shawbrook hostile takeover

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  • 06/06/2017
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Private equity last ditch attempt at Shawbrook hostile takeover
Shawbrook is urging investors to reject the latest bid by private equity suitors, saying it still undervalues the bank.

Marlin Bidco, a bidding company owned by funds managed or advised by Pollen Street Capital and BC Partners, upped its offer to £868m or 340 pence per share this week. This is up from March’s rejected figure of £842.4m and is the partners’ final offer.

In a statement, Shawbrook said: “The independent directors believe that the final offer undervalues Shawbrook and its prospects and therefore advise that shareholders take no action.”

Investors have until 19 June to accept the offer. If the Marlin Bidco achieves more than the minimum acceptance level of 50% but with 25% or more of shares remain in public hands, Shawbrook will remain a listed company with Marlin Bidco the controlling shareholder. If it achieves more than 75% the firm will de-list.

Pictured: Shawbrook chief executive Steve Pateman

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