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Shawbrook set to de-list after takeover

Its bidders received substantially more than the 50 per cent of votes required to take the bank private
June 22, 2017

Shawbrook's (SHAW) majority shareholder Pollen Street Capital has finally achieved its takeover goal. The challenger bank's shareholders have voted in favour of the 340p-a-share offer, which was Pollen Street's fourth and final attempt to take the group private.

IC TIP: Accept at 339p

A few days before the vote closed, it appeared that the level of acceptances was going to be a close run thing, with only 46.6 per cent of shareholders having voted in favour of the deal. However, by closing time on 19 June, 75.6 per cent of shareholders had accepted. The consortium bidding for the bank, Pollen Capital and BC Partners, plan to de-list the shares. Shawbrook's management is now advising investors that have not yet accepted to do so or else remain minority shareholders in an illiquid private company.