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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.


BBA sees approvals fall to record low

The British Bankers’ Association says the 27,968 house purchase approvals in May were the lowest ever recorded by the association. The figure was 6,784 down on April.

How can I help develop my professional connections?

Graeme Ballantyne, business consultancy manager, looks at how you can maximise the opportunities through your professional connections As we move through the summer months it’s perhaps a good time to pause and reflect on whether the plans you’ve made for your business are bearing fruit. One area we at PruConsulting know many advisers have been […]


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