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08/10/2002
Abbey National rejects BoI takeover approach
The Abbey National has rejected a planned takeover approach from the Bank of Ireland.
In a statement to the London Stock Exchange, Abbey said its board members had unanimously concluded that the proposal was not in the best interests of its shareholders.
The statement from the company came a day after Bank of Ireland confirmed they were in talks with the UK bank over a possible merger.
If an agreement had have been reached the merge would have created Europe's 12th largest bank with a market value of around £15bn.
While Abbey National have rejected the approach of the Bank of Ireland it is unlikely to be the last approach for a company which has been struggling to restore investor confidence after suffering a series of embarrassing setbacks earlier this year.
The company's shares have also fallen dramatically in the last year, making it a ripe target for a takeover.
(MB)
In a statement to the London Stock Exchange, Abbey said its board members had unanimously concluded that the proposal was not in the best interests of its shareholders.
The statement from the company came a day after Bank of Ireland confirmed they were in talks with the UK bank over a possible merger.
If an agreement had have been reached the merge would have created Europe's 12th largest bank with a market value of around £15bn.
While Abbey National have rejected the approach of the Bank of Ireland it is unlikely to be the last approach for a company which has been struggling to restore investor confidence after suffering a series of embarrassing setbacks earlier this year.
The company's shares have also fallen dramatically in the last year, making it a ripe target for a takeover.
(MB)
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Bank robbery charges dropped
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