Shawbrook Bank has rejected a third takeover bid by the same consortium of private equity firms, the second such offer this month.

The bank had previously turned down the offer from Pollen Street Capital and BC Partners earlier in March for not reflecting the “long-term value of the company.”

The private equity firms were given until 31 March to update their offer, but chose to leave the earlier offer of £825m at 330 pence a share unchanged.

In its response to the offer, Shawbrook said: “The board has concluded that it is not able to recommend the offer. The board therefore recommends that shareholders reject the offer.”

Pollen Street currently holds 38.8% of Shawbrook’s shares, and formed Marlin Bidco as the joint venture aiming to takeover Shawbrook.

The bank acknowledged that the deal only required 50% of shareholders to accept the offer, though it would remain listed if less than 75% agreed to the bid.

In its initial report, the bank said it would communicate with shareholders “in due course” to set out its views in more detail. After the offer was rejected, Shawbrook’s share price rose to 337.21.