CYBG, the owner of Clydesdale Bank and Yorkshire Bank, has sweetened its £1.6bn bid for Virgin Money, in a move which could create the UK's fifth largest bank.
The group initially made an offer for the firm, which was founded in 1995, last month by offering 1.1297 of its shares for each Virgin Money share, giving Virgin Money shareholders a 36% stake in the merged business, the BBC reports. This offer has now been raised to 1.2125 of its shares, which would give Virgin Money shareholders around 38% of the combined group. Sir Richard Branson's Virgin Group is Virgin Money's biggest shareholder with a 34.8% stake in the business. CYBG has also said it will keep the Virgin Money brand, subject to an agreement with Virgin Group. Richard Bran...
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