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Resolution pulls out of B&B bid

Resolution has pulled out of its proposals to acquire a stake in Bradford & Bingley due to the “entrenched” position of the board.

B&B’s board has drawn criticism from the UK Shareholders Association and other parties for denying Resolution access to the bank’s books to conduct due diligence.

Clive Cowdery’s investment company, which was proposing a £400m investment in the bank, says the board has prevented the constructive engagement necessary to finalise its proposals.

It says it cannot responsibly recommend its proposals to shareholders without this engagement from the board.

Resolution insists its proposals had the “overwhelming approval” of B&B investors and says the price it was offering was substantially higher than that of the rights issue and sale of a 23 per cent stake to Texas Pacific Group, which is favoured by the B&B board.

Clive Cowdery plans to continue with his £2bn consolidation drive to draw together smaller banks and mortgage lenders into a single institution.


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