Metro Bank rejected takeover approaches from Shawbrook before announcing it’s seeking to shore up its balance sheet, according to Sky News.
(Bloomberg) — Metro Bank rejected takeover approaches from Shawbrook before announcing it’s seeking to shore up its balance sheet, according to Sky News.
Retail bank Shawbrook tabled several bid proposals to Metro Bank, including one in the second half of September, according to Sky News, which cited people familiar with the matter. Metro Bank rejected those offers whose values aren’t known, Sky reported.
The UK lender is meeting with shareholders on Saturday to discuss funding options, according to a separate report. It is aiming to agree a deal before trading opens in London on Monday morning, according to Sky.
A £600 million capital injection offer from bondholders earlier this week is reportedly seen by Metro Bank as handing over too much control. Equity holders are being consulted.
Spokespeople for Metro Bank and Shawbrook declined to comment when contacted by Bloomberg.
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(Updates to include response from Shawbrook)
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