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B&B response: Resolution planned to seize control

Bradford & Bingley says it denied Resolution access to its books because its bid appeared to be an attempt to take control of the bank.

Resolution pulled out of its proposals to invest £400m in B&B earlier today as it has been denied access to the bank’s books for due diligence purposes.

B&B says it consistently made clear to Resolution the fact it would allow due diligence if the indicative offer was acceptable.

The bank says it is aware of its duty to shareholders to consider all proposals, but it did not want to abandon current plans for a rights issue and sale of a 23 per cent stake to Texas Pacific Group unless it had more clarity from Resolution over the nature its proposals.

B&B says it had concerns over lack of clarity over funding and ownership, details of voting and non-voting shares and also the fact B&B felt the proposals amounted to taking control of the bank, but it says this was not reflected in the terms.

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