CYBG improves Virgin Money takeover offer
CYBG, the parent company of Clydesdale and Yorkshire Bank, has improved its £1.6bn offer to buy Virgin Money.
"The Boards of Virgin Money and CYBG confirmed that the two companies are in talks to create a "new national competitor in UK banking"."
CYBG’s latest proposal involves exchanging 1.2125 new shares for each share in Virgin Money, up from its original offer of 1.1297 shares.
This means Virgin Money shareholders would own 38% of the new merged business, up from the 36% offered last month.
The Boards of Virgin Money and CYBG confirmed that the two companies are in talks to create a "new national competitor in UK banking".
The deadline for CYBG to announce whether or not it intends to make an offer for Virgin Money has also been extended to the 18th of June.
In a statement last month, CYBG said: "CYBG believes the combination would create the UK's leading challenger bank offering both personal and small and medium sized enterprise customers a genuine alternative to the large incumbent banks.
"The combination would provide a powerful full-service banking offer, including leading digital and mobile banking services, for six million personal and business customers, bringing together the complementary strengths of CYBG and Virgin Money."
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