Shawbrook Bank reject final buyout offer

Shawbrook Bank has today recommended its shareholders reject a fourth and final offer from a company looking to acquire the challenger bank.

Shawbrook Bank reject final buyout offer

Marlin Bidco, a company jointly owned by funds managed and/or advised by Pollen Street Capital and BC Partners, yesterday (June 5) raised its offer to 340p per share.

Marlin Bidco first proposed a non-binding proposal of a cash offer of 307p per share in January this year. Shawbrook rejected the initial offer and a further two offers that were made up until March this year.

At the time, Marlin Bidco declared it would not raise the share price more than its third offer proposed in March of 330p per share.

Shawbrook has repeatedly recommended its shareholders reject the offer which is open for acceptances until June 19 2017.

It said the final offer “undervalues” the bank and its prospects. It said the plans declared in the offer appear to be broadly aligned with Shawbrook’s strategy and management actions and does not believe it needs to be in private ownership to realise value.