Resolution no longer interested in B&B

  • Story by: James Redgrave
  • Magazine: FinancialAdviser
  • Published Monday , September 29, 2008

Resolution, the Clive Cowdery owned business which had a 400m bid for Bradford & Bingley rejected last week, has withdrawn from negotiations with the bank.

Advertising

It issued a statement last Friday, saying: "The board of Resolution Limited has withdrawn its share placing proposal for Bradford & Bingley plc."

The initial offer was backed by major B&B institutional investors Standard Life, Legal & General, Prudential and Insight, as a means of stopping a 23 per cent share of the business going to US investment bank Texas Global Pacific.

The high street bank rejected the original offer but always claimed to be receptive to negotiations with Cowdery.

FTAdviser BLOGS RSS

Latest Post  

Financial crisis must not stop debate on professionalism

Over the last year, the much-discussed reforms of retail financial distribution have been ... read more

SIGN UP TO NEWS ALERTS