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Co-op Bank receives takeover 'proposals'
Co-op Bank receives takeover 'proposals'
This is a duplicate of the Blog Entry made on: 11th April 2017 16:55
This is a duplicate of the Blog Entry made on: 11th April 2017 16:55
The Co-op Bank says it has received a number of takeover approaches from potential bidders.
The lender said it had received "a number of non-binding proposals", and it had selected "several parties" with which to continue talks. The bank, in which the Co-operative Group still has a small stake, was rescued from the brink of collapse by a group of hedge funds in 2013. Last month, it reported its fifth annual loss in a row. On Thursday, the Co-op Group declared the bank worthless, cutting the value of its stake in the lender to zero. The write-down of its stake in the bank pushed the Co-op Group into a pre-tax loss of £132m for 2016.....Read more here
The lender said it had received "a number of non-binding proposals", and it had selected "several parties" with which to continue talks. The bank, in which the Co-operative Group still has a small stake, was rescued from the brink of collapse by a group of hedge funds in 2013. Last month, it reported its fifth annual loss in a row. On Thursday, the Co-op Group declared the bank worthless, cutting the value of its stake in the lender to zero. The write-down of its stake in the bank pushed the Co-op Group into a pre-tax loss of £132m for 2016.....Read more here