Metro Bank rejected takeover approaches from rival lender Shawbrook
Metro Bank has rejected a series of takeover approaches from specialist business lender Shawbrook, including one made in the second half of September, Sky News reported on Saturday.
It is unclear whether any live discussions were ongoing between the two companies, while the valuation of Shawbrook’s offers could not be established, the report said.
The bank’s board will meet a group of bondholders later on Saturday, aiming to thrash out a refinancing package totalling more than £500m, that can be announced before the stock market opens on Monday, the report added.
Metro Bank declined to comment, while Shawbrook did not respond to a Reuters request for comment on the report.
Reuters reported on Friday that Metro Bank is set to discuss funding options with its shareholders over the weekend, as the lender seeks to shore up its finances and assure regulators after a volatile week of trading.
The challenger bank’s shares plunged on Thursday following reports it is trying to raise as much as £600m to strengthen its capital levels.
London-based Shawbrook is a specialist lender serving real estate professionals, SMEs and consumers. It has a loan book of £10.5bn, according to its website.
Reuters