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UPDATE 1-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.
Abbey National shares were almost 6 per cent higher at 567.5p in mid-afternoon trade, extending Monday's near 6 per cent gain. Bank of Ireland shares were 1.4 per cent weaker at [euro]9.24.
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.
- Abbey National's shareholders unimpressed by BoI bid.
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...of their paper over Abbey National's. As such, we would not be surprised if Abbey National resisted BoI's proposals in the...potential within the Abbey National franchise." Interestingly...Crutchley suggests that BoI shareholders might...
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...Telegraph suggest BoI is prepared to offer Abbey National shareholders a...incurred the wrath of Abbey National chairman Lord Burns...already rejected BoI's advances...West bank, which BoI plans to fold into Abbey National. They could also...
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- Magazine article from: National Mortgage News October 21, 2002 700+ words
...restoring value to Abbey National shareholders at...Earlier in July, Abbey National chief executive...Dublin market where BOI trades were lukewarm...of 2001, while BOI subsidiary Bristol...approached the board of Abbey National about an offer...
- Abbey National to stay on its own.(Business)
- Newspaper article from: Daily Post (Liverpool, England) October 16, 2002 700+ words
...expected to come from combining BoI and Abbey's retail banking...from head office cost-cuts. BoI also pledged a pounds 160m revenue...range to its own customer base. Abbey National's shares were up 8pc in afternoon...runs some 760 branches while BoI has a workforce of 18,500...
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- Newspaper article from: Knight Ridder/Tribune Business News October 16, 2002 700+ words
...rival bidders, including National Australia Bank. BoI boss Mike Soden is offering between 90 and 95 new BoI shares for every 100 Abbey National. It also promises UKpound 1.30 a share in cash. BoI closed up 25 pence at 632 pence, making its offer...
- Abbey National Rejects Bank of Ireland Takeover; Australian Bid Looms.
- Newspaper article from: Knight Ridder/Tribune Business News October 8, 2002 700+ words
...of Ireland reacted angrily to Abbey National's rejection of its takeover...We're very disappointed," BoI spokesman David Holden said...haven't engaged." Although BoI governor Laurence Crowley met...Australia Bank could replace BoI as a potential suitor. Abbey...
- Australian Bid Looms as Abbey National Rejects Bank of Ireland Takeover.
- Newspaper article from: Knight Ridder/Tribune Business News October 6, 2002 700+ words
...of Ireland reacted angrily to Abbey National's rejection of its takeover...We're very disappointed," BoI spokesman David Holden said...haven't engaged." Although BoI governor Laurence Crowley met...Australia Bank could replace BoI as a potential suitor. Abbey...
- London's Abbey National Declines Bank of Ireland's Bid Proposal.
- Newspaper article from: Knight Ridder/Tribune Business News October 8, 2002 700+ words
...Tribune Business News Oct. 8--Abbey National today formally rejected Bank...board unanimously rejected the BoI approach after careful consideration...therefore determined that the BoI's approach is not in the best...offer more generous terms than BoI, which was looking for a nil...