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Thursday 26th June 2008
While the Bradford and Bingley share price had been in freefall prior to the TPG and fund raising announcements, the board are under increasing pressure to open their books to Resolution Group. Clive Cowdrey’s company has been in talks with the board of Bradford and Bingley, on and off, for some time about taking a controlling stake in the group.
However, despite the TPG deal not being done and dusted yet the management has refused to open the company books to Resolution Group. The Association of British Insurers (ABI) has now stepped into the argument, reminding the board of Bradford and Bingley that they have a duty of care to shareholders. The ABI is one of the most powerful groups in the City and very rarely speak out in such specific terms as they have done today.
While there has been no official comment from the Bradford and Bingley board after ABI entered the fray there are many in the City that believe it is only a matter of time before the directors open the company books to Resolution Group – as they have done for TPG. Nobody can quite understand why they are so against the Resolution Group plans, which seem to have a firm grounding. |
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