The Olivant consortium have provided another twist in the Northern Rock takeover battle by issuing two demands in an ultimatum that could result in their withdrawal from the takeover race. The Olivant consortium have sent a letter to Northern Rock chairman Bryan Sanderson, demanding a decision on the winning bidder is made by Christmas, whilst also demanding full access to the finances of the banks behind the Virgin consortium.
Olivant appear to be running out of patience with the Rock, after Mr Sanderson revealed earlier this week that a decision on the takeover race is unlikely to be made until early 2008. Luqman Arnold, the man leading the Olivant consortium, has requested a quick reply to their demands, and has threatened to withdraw from the race should the demands not be met.
Cerberus recently withdrew from the takeover race, following in the footsteps of JC Flowers, leaving Olivant to fight it out with the Rock’s preferred bidder – the Virgin consortium.
Olivant Threatens to Withdraw From Bank Takeover Race
Financial Services > e-banking > Banking news
Olivant Threatens to Withdraw From Bank Takeover Race
Fri, 21 Dec 2007
Recommended links
The Essential Banking GuideLeading Savings Accounts
Debt Solutions
Bad Credit Loan Lenders
Looking for a Re-Mortgage Deal?
Rivals Prepare Revised Offers for Bank
Troubled Bank Sees Shares Fall Again
| Banking news |
|---|
| Banks failing on online fraud says MPs report - Tue, 05 Apr 2011 |
| Lloyds TSB is to change the interest rates on its Vantage current account - Thu, 31 Mar 2011 |
| Contactless debit cards from Lloyds TSB - Tue, 29 Mar 2011 |
| More News |
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Amex Cash Back
Credit Card
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company