Bradford & Bingley shares have plummeted nearly 20% on news Resolution Limited has walked away from a potential rescue package.
The Clive Cowdery-led Resolution says the B&B board’s “entrenched” position prevented the engagement needed to finalise a deal. B&B's share price has been pounded following the announcement, sliding 19.06% to 64.75. Resolution had hoped it could convince the lender to abandon its plan to offload a stake to US private equity firm TPG in favour of its capital raising package. Cowdery however remains confident he can fulfill his strategy of consolidating the UK’s smaller banks and lenders. “Following talks with market participants, it is confident that this consolidation is both achievable...
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