B&B slides on £179m US private equity deal

The TPG deal will raise approximately £179m for the beleaguered lender, which will also tap up investors with a £258m rights issue. All shares will be issued at 55p offer price, raising roughly £400m for the firm after expenses. B&B had originally announced a £300m cash call at 82p. Meanwhile, Steven Crawshaw has stepped down as group chief executive with immediate effect as a result of serious illness. Chairman Rod Kent has become executive chairman and has relinquished his position at the Close Brothers Group to concentrate on his B&B responsibilities. “The last few weeks have been ch...