Northern Rock sliding on bargain bids

So far this morning Northern Rock is down 17%, to 110p. In a statement to the stock exchange, Northern Rock says the proposals are “materially below the market price” as of the close of business on Friday. “The value to shareholders from any of the proposals (and indeed any of the other strategic options available to the Company) remains highly uncertain and will be dependent, among other things, on when and if there is an improvement in market conditions including access to liquidity and the value created, if any, from the run off of the assets and liabilities remaining in the Company fo...