Yorkshire Bank owner improves offer for Virgin Money
CYBG, the owner of Yorkshire Bank and Clydesdale Bank, has improved its £1.6bn offer to buy Virgin Money.
Under the new terms, Virgin Money shareholders would own 38% of the new merged business instead of 36%. It has upped its offer by 7% in the exchange ratio for the entire share capital of Virgin Money compared to its initial bid on 7 May.
CYBG's initial bid offered 1.1297 of its shares for each Virgin Money share, giving Virgin Money shareholders about 36% of the new merged business. However, the revised bid ups that to 1.2... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
