Virgin Money Shareholders Approve £2.9bn Takeover by Nationwide
Virgin Money shareholders have approved a two point nine billion pound takeover by Nationwide Building Society. Over 89 percent of shareholders supported the deal, which will now require regulatory approvals. Sir Richard Branson will receive a significant payout, and Nationwide will become the UK's second-largest mortgage lender.
Virgin Money shareholders have voted overwhelmingly in favor of a £2.9 billion takeover by Nationwide Building Society, marking the largest UK banking deal since the financial crisis.
Over 89% of shareholders backed the resolution at a general meeting, surpassing the required 75% approval threshold.
The takeover encountered some resistance from Allan Gray, a 10% stakeholder, but secured support from Virgin Group founder Sir Richard Branson, resulting in a £724 million payout for him.
The takeover will require formal approvals from the Financial Conduct Authority, Prudential Regulation Authority, and the Competition and Markets Authority.
Nationwide, led by CEO Debbie Crosbie, will solidify its position as the UK's second-largest mortgage lender without requiring a member vote, citing regulatory constraints.
Over 89% of shareholders backed the resolution at a general meeting, surpassing the required 75% approval threshold.
The takeover encountered some resistance from Allan Gray, a 10% stakeholder, but secured support from Virgin Group founder Sir Richard Branson, resulting in a £724 million payout for him.
The takeover will require formal approvals from the Financial Conduct Authority, Prudential Regulation Authority, and the Competition and Markets Authority.
Nationwide, led by CEO Debbie Crosbie, will solidify its position as the UK's second-largest mortgage lender without requiring a member vote, citing regulatory constraints.
Translation:
Translated by AI
