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Northern Rock receives further proposals below market price

Northern Rock has issued a statement saying that it has received additional indicative expressions of interest covering a range of options for the business.

It says one of whice does contemplate an offer for the lender materially below the market price at the close of business on Tuesday 20 November.

Northern Rock says its advisors have begun discussions with a number of selected interested parties to clarify their proposals.

It says it is aware that all stakeholders in the company want clarity on the outcome of the strategic review as soon as possible and is therefore progressing the process as quickly as possible.

The strategic review will be completed by February 2008, although Northern Rock expects to make an announcement of the preferred outcome for the company and its stakeholders in advance of that.

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