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News that Alex Salmond, the leader of the ruling SNP in Scotland, has been somewhat liberal with his recent comments about housing budgets and assistance has caught the attention of opposition...
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Friday 27th June 2008
Having affectively given up the chance to join a new wave of consolidation in the financial sector, the board of Bradford and Bingley today stepped forward to give its reasons for refusing Resolution Group access to the company’s books. The board has come in for heavy criticism of late over their refusal to open their books to the potential partner, while at the same time giving US outfit TPG unrivalled access to confidential financial information.
It seems as though there were three issues at the heart of the matter which were :-
Lack Of Detail On The Offer
The board has stated that they had not received the finer details of the proposed investment by Resolution Group and were unable to even consider a vague proposition.
Voting Rights
The deal would have given Resolution Group a holding of 49% in the enlarged Group and there were concerns about the voting structure. While Resolution Group had agreed to reduce its own voting rights to less than the 49% shareholding, the board again did not receive confirmation or further details about this.
Takeover With No Premium
Perhaps the main reason why the board refused Resolution Group access to the books lies in the fact many saw this as a takeover with no premium for shareholders. The fact that the group was literally on its knees prior to the TPG announcement seems to have been forgotten. |
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