Two private equity firms made a joint bid to acquire Shawbrook Bank on Friday, in a deal reportedly worth £825m (€954.7m).
Shawbrook said: “Shawbrook…confirms that it has received a proposal…regarding a possible offer to be by made by a new company to be jointly owned by funds managed or advised by Pollen Street and BC Partners.”
Pollen Street Capital currently owns 38.9% of Shawbrook, and made a takeover offer with BC Partners on 3 March 2017, at 330 pence per ordinary share in cash, and any final dividend due for the year 2016, the bank said in a statement.
The firms would run Shawbrook through a joint venture. Shawbrook’s share prices rose 18% to 316.5 pence on Friday.
Shawbrook said that Linsey McMurrary, the representative director of Pollen Street, a member of its board, would not be involved in the consideration of the proposal.
Shawbrook is being advised by Goldman Sachs. The bank said: “discussions with the consortium are ongoing.”
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