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
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 |
|---|
| HSBC the Latest Bank to Announce Further Write Downs - Fri, 16 May 2008 |
| Citigroup to Make Cuts to Banking Portfolio - Wed, 14 May 2008 |
| UBS to Make Banking Job Cuts - Wed, 07 May 2008 |
| More News |
