Nationwide Agrees Terms With Virgin Money on £3 Billion Deal [BNN Bloomberg (Canada)]
NatWest Group plc American Depositary Shares (NWG)
Company Research
Source: BNN Bloomberg
Shareholders of Virgin Money, which was created by a string of mergers, will receive 220 pence per share from Nationwide — 218 pence in cash and 2 pence in proposed dividend, according to a filing on Thursday, confirming a preliminary agreement announced earlier this month. Virgin Money's board has recommended accepting the offer and the acquisition is expected to conclude in the fourth quarter. Virgin Money has been struggling to compete with the “big four” banks that dominate accounts and mortgages. When combined, Nationwide and Virgin would overtake NatWest Group Plc as the UK's second-largest provider of home loans, behind only Lloyds Banking Group Plc. The transaction combines UK's sixth-largest retail bank by total assets and its biggest building society. It would bring Virgin's 6.6 million customers, business lending arm and an estimated 8.6% market share in UK credit cards to Nationwide's existing mortgages, savings and current account offerings. The offer represents
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NWG
Sec Filings
- 5/3/24 - Form 6-K
- 5/2/24 - Form 6-K
- 5/1/24 - Form 6-K
- NWG's page on the SEC website