Virgin Money chairwoman says board nonetheless reviewing CYBG’s takeover bid

LONDON (Reuters) – Virgin Money continues to be reviewing a takeover provide by rival British financial institution CYBG and an announcement will probably be made in the end, Chairwoman Irene Dorner mentioned on Wednesday.

FILE PHOTO: Signage is see outdoors a department of Virgin Money in Manchester, Britain September 21, 2017. Picture taken September 21, 2017. REUTERS/Phil Noble

CYBG has made a 1.6 billion pound all-share provide for Virgin Money which the lenders mentioned on Monday may create one in every of Britain’s greatest banks.

Dorner, who was talking on the financial institution’s annual shareholder assembly, made no additional touch upon the bid. Analysts had anticipated Virgin Money to rapidly dismiss the provide as too low.

Virgin Money shares have been down 1.2 % at 1244 GMT, after rising nearly 10 % on Tuesday in comparison with Friday’s shut. Monday was a public holiday in Britain.

Reporting by Emma Rumney, enhancing by Sinead Cruise and Jason Neely

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