With Virgin assets valued at £5.1bn analysts claim bosses at target bank decided to ‘take the money and run’Nationwide building society has revealed a £2.3bn gain from its takeover of Virgin Money, prompting accusations that Virgin’s bosses decided to “take the money and run” after losing faith in the ex-chief executive David Duffy.The building society’s bosses hailed the terms of the deal on Wednesday, as it published its final set of results as a standalone brand. Although the £2.8bn it paid for Virgin Money represented a premium on the target-bank’s share price – and its £2bn market valuation prior to the bid, according to Guardian calculations – it ended up being a “significant” discount compared with the actual value of Virgin Money’s assets. Continue reading…
Source link : https://www.theguardian.com/business/2024/nov/27/nationwide-gain-virgin-money-takeover
Author : Kalyeena Makortoff Banking correspondent
Publish date : 2024-11-27 13:42:38
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Nationwide’s £2.3bn takeover gain prompts criticism of Virgin Money bosses
