The investment company led by Clive Cowdery made a £400m bid to acquire a controlling stake in the bank, which was rejected by B&B’s board as it continues to recommend that its shareholders vote for a rights issue and the sale of a 23 per cent stake to Texas Pacific Group.
B&B is denying Resolution access to its books for due diligence purposes.
The Association of British Insurers has warned that the proposals recommended by the B&B board to the bank’s shareholders represent “breaches of sound governance”.
UK Shareholders Association communications director Roger Lawson says: “We believe that Resolution’s proposal should be seriously considered by Bradford & Bingley and that Resolution should be given access to financial information to enable them to firm up their proposal.”
Resolution says its proposals would provide a capital injection into B&B that is not conditional on maintenance of credit ratings or the uncertainty of a rights issue.
It also argues that its proposals would be on a similar timetable to the rights issue and capital raising from TPG, but at a materially higher price.