June 3, 2018 / 1:22 PM / a year ago

UK lender CYBG raises bid for Virgin Money - Sky News

LONDON, June 3 (Reuters) - British lender CYBG has raised its offer to buy challenger bank Virgin Money to one that values the firm at 1.7 billion pounds, Sky News reported on Sunday citing a source.

Both sides were likely to request a week-long extension to negotiations and were holding “positive discussions”, Sky News said. The reported new offer comes after CYBG made an all-share takeover proposal last month that at the time valued Virgin at about 1.6 billion pounds. (Reporting by William James. Editing by Jane Merriman)

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