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CYBG's Virgin bid highlights challengers' plight

CYBG's Virgin bid highlights challengers' plight

CYBG (CYBG) may be about to bag itself a bargain. The Clydesdale and Yorkshire bank-owner's preliminary approach for Virgin Money (VM.) values the target at just over £1.6bn or 359p a share, a 15 per cent premium to Friday’s closing price. Under the terms of the bid, Virgin Money shareholders would receive 1.1297 new CYBG shares per Virgin share. That would give Virgin’s shareholders a 36.5 per cent stake in the combined group.

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