Marlin Bidco makes third bid for Shawbrook
Companies: Shawbrook Group
The Board of challenger bank Shawbrook has advised shareholders to reject another takeover attempt of the Group by Marlin Bidco for £826m. News of the offer and subsequent rejection sent shares rocketing 10% to 334p.
This is Shawbrook Group's third rejection of a takeover, all three of which have come from a consortium of private equity firms under the Marlin banner.
The consortium offered 307p a share in January for Shawbrook, before revising its offer to 330p on 6 March. The offer this time hadn't changed a great deal on the previous offer, with the price remaining 330p.
However, the latest bid included letting shareholders retain the 2.7p final dividend and was restructured to require 50%+1 of the share register to approve.
The Board said that because the consortium hadn't raised its bid, it was recommending shareholders reject the proposal. Shawbrook says it will let shareholders know more about the offer and its view in a future release.
Pollen Street funds (managed and advised) currently own c.38.8% of the total Shawbrook share capital.