Metro Bank, a UK-based lender (MTRO.L), has turned down several acquisition proposals from business lending expert Shawbrook, with the latest attempt reported by Sky News to have been in the latter part of September.
The current status of discussions between the two firms remains uncertain, and the exact valuation of Shawbrook’s bids is yet to be determined, according to the report.
Additionally, Metro Bank’s board is scheduled to convene with a collection of bondholders later on Saturday. Their goal is to negotiate a refinancing deal worth over £500 million (approximately $611.90 million), which they aim to disclose before the stock market commences on Monday, as noted in the report.
On Friday, Reuters had indicated that Metro Bank would be engaging its shareholders during the weekend to deliberate on financial strategies. This comes as the bank aims to bolster its financial standing and placate regulators after a tumultuous trading week.
The shares of this mid-tier UK lender took a hit on Thursday amidst news that it’s endeavouring to amass up to £600 million to fortify its capital reserves.
Shawbrook, headquartered in London, is a dedicated lender catering to real estate professionals, SMEs, and individual consumers. As stated on its website, it has a loan portfolio valued at 10.5 billion pounds.
