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Abbey National rejects Bank of Ireland approach.
(From FT Investor (Stories))
LONDON (FT.com) - Abbey National on Tuesday rejected an informal approach from Bank of Ireland, arguing that it undervalues the UK's second biggest mortgage lender.
Abbey National said the most effective means of restoring value to shareholders at this time will be to achieve the operating and structural changes targeted in the interim statement on July 26.
"The board of Abbey National has therefore determined that the Bank of Ireland's approach is not in the best interests of shareholders," the bank said.
National Australia Bank , which approached Abbey earlier this year, is understood to have renewed its overtures in the last month and is now monitoring developments. NAB owns Clydesdale and Yorkshire Banks.
However, BoI is understood to be prepared to increase its offer in order to secure a recommendation from Abbey's board. People close to the Irish bank indicated that it was unlikely to launch a hostile bid.
Lawrence Crowley, governor of BoI, is understood to have telephoned Lord Burns, Abbey chairman, late on Sunday afternoon to ask if Abbey was in a position to respond to the approach made just over three weeks ago.
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