Shawbrook (SHAW) has rejected a takeover approach from its largest shareholder, which was deemed too low by other large investors. Pollen Street Capital Partners, which owns a 38.9 per cent stake in the challenger bank, put in an offer of 330p a share as part of a consortium with private equity company BC Capital Partners.
Chief executive Steve Pateman said fellow majority shareholders were consulted on the offer, but deemed it not to be at an appropriate level. The bid constituted a 20 per cent premium to the bank's share price the day before the offer being made in January. The bidders expressed their surprise at the rejection of the offer, which had been increased from an earlier 307p per share. Pollen Capital has yet to formally withdraw its offer.
