Resolution, the investment fund headed by Clive Cowdery, met with Bradford & Bingley advisers last night in an attempt to convince the mortgage bank to back its bid to take effective control, The Independent reports.
Bradford & Bingley's board, overseen by acting chairman Rod Kent, has so far blocked access to its books and refused to recommend the proposal, which would see Resolution inject £400m into B&B in exchange for a 49% stake. Resolution last night tried to persuade the board to open its books at the meeting with B&B's advisers Goldman Sachs. In particular, Resolution said shareholders would have pre-emption rights in the offer, allowing retail investors to take part. CREDIT RATING AGENCIES face a threat to their global stranglehold this afternoon when America's Securities and Exchange Com...
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