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LONDON (Alliance News) - Clydesdale &Yorskhire Bank owner CYBG PLC increased its all-share offer to buy Virgin Money Holdings PLC by offering a larger stake in the enlarged company, the Telegraph reported Monday.
CYBG upped its offer to 1.2125 CYBG shares for each Virgin Money share, giving Virgin Money shareholders 38% of the combined entity. The previous offer was for 1.1297 CYBG shares for each Virgin Money share.
The approach was made ahead of Monday's deadline for the deal to create a GBP4 billion challenger bank, the Telegraph said.
Speaking to the Telegraph, John Cronin of brokers Goodbody said: "Given the decline in CYBG’s share price in recent weeks, the implied price per Virgin share is now 354 pence, down from 359 pence on May 7. However, stepping back, our view is that this should still represent a highly attractive offer from a Virgin Media shareholder perspective."
https://www.telegraph.co.uk/business/2018/06/03/clydesdale-owner-ups-offer-virgin-money-bid/
Shares in CYBG closed at 291.80 pence each Friday while Virgin Money finished the week at 343.00p each.
For the six months to March-end, CYBG recorded a pretax loss of GBP95 million, compared with a profit of GBP46 million in the year earlier period, on a net interest income of GBP426 million and GBP411 million, respectively.
Exceptional costs relating to PPI totalled GBP220 million in the period, up sharply from GBP19 million a year ago. The lender has concluded that a further charge of GBP350 million will be required to close-out the PPI remediation programme.
