The Virgin-led consortium are set to face fresh competition in the Northern Rock takeover tussle as rivals JC Flowers and Olivant prepare revised offers. Despite Northern Rock naming Virgin as its preferred buyer, Virgin’s offer has been met with hostility amongst some shareholders who believe the offer undervalues the bank .
JC Flowers had previously been unwilling to give current shareholders a stake in the bank, though that hard line has now been softened as they look to cut a deal. The American private equity group are set to meet Treasury officials this weekend in a bid to help their takeover bid.
Olivant, a British-based investment firm, are set to renew their proposal, though the company aren’t attempting a takeover of the troubled mortgage lender . Instead, Olivant are aiming to secure just 15 per cent, but are set to offer to immediately repay £11 billion of the emergency loans Northern Rock took from the Bank of England .
Rivals Prepare Revised Offers for Bank
Rivals Prepare Revised Offers for Bank
Fri, 14 Dec 2007
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