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Resolution renews efforts to woo B&B board

Resolution is understood to have made renewed efforts to convince the Bradford & Bingley board to back its bid.

Clive Cowdery’s investment vehicle made a £400m offer to take a controlling stake in the bank, which was publicly rejected yesterday by the B&B board.

The bank continues to back proposals for a rights issues and the sale of a 23 per cent stake to Texas Pacific Group.

Resolution is understood to have met last night with Goldman Sachs, the bank’s advisers, to try to drum up support for its plans by offering shareholders pre-emption rights, allowing retail investors to participate.

The B&B proposals are part of a wider plan by Resolution to roll up smaller banks and mortgage lenders in a £2bn consolidation drive.

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