4th Jun 2018 09:07
LONDON (Alliance News) - Clydesdale and Yorkshire Bank owner CYBG PLC confirmed it has upped its offer for fellow FTSE 250 constituent Virgin Money Holdings PLC on Monday.
The revised offer will increase Virgin Money shareholders' interest in the combined company to 38%, up from 36.5%.
The new offer was upped to 1.2125 CYBG shares for each Virgin Money share from 1.1297 CYBG shares for each Virgin Money share.
As a result, the Panel on Takeovers & Mergers has granted an extension to June 18 for CYBG to announce a firm intention to make an offer.
The two companies said "discussions are ongoing regarding other terms and conditions of the proposed combination".
The boards of CYBG and Virgin Money believe the proposed merger "would create the UK's first true national banking competitor" offering personal and small and medium sized enterprises an "enhanced alternative to the large incumbent banks".
Shares in CYBG were up 1.9% Monday morning at 297.40 pence each, while Virgin Money shares were trading up 0.3% at 343.90p each.
Related Shares:
Virgin Money HoldingsCYBG