Saturday, Jun 28, 2008
B&B: Sorry! No Beds or Breakfast Available.
FT: B&B shares plunge as Resolution walks away
Bradford & Bingley on Friday endured a 20 per cent fall in its share price and a further deterioration in its relationship with leading shareholders after Clive Cowdery, the financial entrepreneur, pulled the plug on his proposed rescue deal.
Mr Cowdery, backed by a number of B&B’s biggest shareholders, had wanted to carry out due diligence on the UK’s biggest buy-to-let mortgage lender in advance of any deal.
He had been blocked, however, by the bank’s board, which is already planning to raise £400m through a £258m rights issue at 55p and a £179m investment from TPG, the private equity group.
Posted by stevie dee @ 08:53 AM (136 views) Add Comment
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