Shawbrook Bank agrees to final buyout offer

Shawbrook has announced it will be acquired by Marlin Bidco – a company jointly owned by funds managed and/or advised by Pollen Street Capital and BC Partners.

This came after 76 percent of the bank’s shareholders voted in favour of the deal. If it goes through, Marlin Bidco will see its stake in the business climb to 75.6 percent.

Independent directors at the bank continue to believe the final offer, of 340p per share, undervalues the bank and its prospects.

Marlin Bidco will obtain a very significant level of control of Shawbrook. This would mean that Marlin Bidco would be able to implement its intentions to cancel Shawbrook’s listing on the stock exchange and cancel its admission to trade.

The independent directors, who have been advised by BofA Merrill Lynch and Goldman Sachs International, recommend that shareholders accept the final offer, as the independent directors will now be doing in respect of their own beneficial shareholdings.

Shawbrook said shareholders who do not accept the final offer could result in owning a minority share in an unlisted company.

The final offer will remain open to shareholders until July 10 this year.

Shawbrook rejected a previous offer earlier this year.