May 19, 2017 / 6:38 AM / 2 months ago

Private equity groups extend hostile offer for Shawbrook

1 Min Read

LONDON, May 19 (Reuters) - The private equity groups behind a hostile bid for British challenger bank Shawbrook Group said on Friday they had backing from investors holding 45.1 percent of its shares, and were extending the offer period.

The groups' 842 million pounds ($1.09 billion) offer would now remain open until May 26, Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said in a statement.

The 45.1 percent includes Pollen Street's Shawbrook stake, which is 38.8 percent according to Thomson Reuters data.

On May 2, directors of Shawbrook told shareholders to reject the offer. ($1 = 0.7720 pounds) (Reporting by Simon Jessop; Editing by Rachel Armstrong)

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