June 6, 2017 / 6:12 AM / 4 months ago

Shawbrook rejects third buyout offer from private equity groups

June 6 (Reuters) - British challenger bank Shawbrook Group Plc said it rejected a raised and final 868 million pounds ($1.12 billion)offer from private equity groups trying to take control of the lender.

“Independent directors believe that the final offer undervalues Shawbrook and its prospects and therefore advise that shareholders take no action with regards to the final offer,” Shawbrook said in a statement on Tuesday.

Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, on Monday raised its offer for Shawbrook by just over 3 percent, as the bidders try to convince another 5 percent of shareholders to accept the deal. ($1 = 0.7735 pounds) (Reporting by Noor Zainab Hussain in Bengaluru, Editing by Lawrence White)

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