Shawbrook Bank has confirmed that it has received a takeover bid for the business from private equity firms Pollen Street Capital and BC Partners.
The offer would see Shawbrook shareholders would receive 330 pence per ordinary share in cash. In addition, Shawbrook shareholders would be entitled to retain any final dividend up to 3 pence in respect of the year ended 31 December 2016.
Shawbrook said discussions with the Consortium are ongoing.
The bid values the challenger bank at £825m.
Funds managed or advised by Pollen Street currently hold approximately 38.9% of the issued share capital of Shawbrook and Lindsey McMurray serves as the representative director of Pollen Street on the Board of Shawbrook. Accordingly, McMurray has not been, and will not be, involved in the Board’s consideration of the proposal made by the Consortium.