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After B&b, Tpg Looks To Buy Another Hopeless Case

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TPG Capital, the US private equity group, is considering a bid for Paragon, a specialist mortgage lender, less than three weeks after it infuriated the City by pulling out of a £179m capital injection for Bradford & Bingley.

Paragon’s shares rose 31 per cent to 110p on Tuesday after the company said it had received a number of approaches and was exploring various options. Blackstone is one interested party.

Lombard: Paragon can’t treat TPG with disdain - Jul-22Paragon sees sharp mortgage fall - Mar-31Paragon rejects fears over rescue rights issue take-up - Feb-17Shareholders a target for begging bowl - Jan-13Paragon shares halve with warning on lending - Nov-24Paragon slips amid funding concerns - Nov-20The share price of the UK’s third largest buy-to-let mortgage lender has fallen 93 per cent over the past year and analysts believe Paragon could be worth upwards of 120p per share.

Private equity companies are still keen to put money into the mortgage market because they believe financial turmoil is throwing up possible bargains.

TPG declined to comment. People close to the buy-out house said it was “generally interested” in Paragon and monitoring the situation. It has not asked for an information memorandum to be sent out to other potential bidders.

Cont : http://www.ft.com/cms/s/0/f57eb804-582e-11...0077b07658.html

Lets hope this is as sucessful as B&B buyout

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I recall at the time of the B&B approach all the usual pundits suggesting B&B must be undervalued for such a respected PE firm to take an interest. They soon shut up when TPG walked away. I wonder what they'll say this time around? City seems impressed either way. You've gotta wonder....

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  • 401 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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