Bradford And Bingley Rejected Offer From Resolution Group
It has just been confirmed that while Bradford and Bingley was in the process of agreeing a deal with private equity firm TPG Inc it was approached by Clive Cowdery’s Resolution Group about taking a stake in the business and cancelling the involvement of TPG Inc. The cost of this stake would have been around the £400 million mark and given Cowdery affective control over the troubled mortgage lender. While the offer was never submitted to shareholders for approval it does seem to have been something which could have been successful with more time.
In a period of negative press headlines it is interesting to see that a number of groups feel that there is long term value in the UK financial sector. There is speculation that Cowdery was looking to use Bradford and Bingley as a launch pad for a larger financial conglomerate, picking up distressed assets and bolting them onto the business.
In some ways by being in the middle of the UK investment market and the current turmoil it can be difficult to see long term value. However, there is no doubt that many investors do see long term attractions at current levels and more deals are expected in due course.
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