Pressure on N Rock to reveal bid details - papers 21 Nov

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SRM Global Master Fund Partnership, one of Northern Rock's biggest shareholders, said yesterday it would ask the authorities to make the bank reveal to investors details of bid proposals it has received, The Independent reports.

SRM's founder, Jon Wood, said: "We are approaching the Takeover Panel to clarify with them what should and shouldn't be shown to shareholders. If there are bids for this company, we should see them." Northern Rock's shares were repeatedly suspended yesterday as they plunged by up to 42%. The sell-off came as investors reacted to the Chancellor's comments the day before that he would "veto" any bid for the bank that was not acceptable to the Government. GOVERNMENT BONDS ROSE IN THE UK, Europe and American as fears that the credit crisis is deepening prompted a flight to quality by investor...

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