ASX shares of Virgin Money UK soar on $3.7 bln takeover offer

Virgin Money UK

08/03/2024 03:28

(Updates with Morningstar comments)
    ** ASX-listed shares of Virgin Money UK Plc  VUK.AX  soar as
much as 33.9% to A$4.110, their biggest intraday pct gain since
listing in early 2016 
    ** VUK stock is top gainer in the ASX 200 benchmark index
 .AXJO 
    ** Stock trading at its highest level since Sept 28, 2021,
and logs its third straight session of gains
    ** VUK, the UK's sixth-largest retail bank by assets, on
Thursday got a 2.9-bln-pound ($3.71 bln) all-cash takeover offer
from Britain's Nationwide Building Society  NBS.L  
    ** VUK's London-listed shares  VMUK.L  ended 35% higher at
214.70 pence on Thursday, slightly below the 220 pence per share
offer
    ** Morningstar says VMUK shares rising implies market
expects deal to go through      
    ** Brokerage adds that while it is highly likely a deal will
proceed, any modest upside to shares if deal doesn't proceed
"should be considered"

   ($1 = 0.7808 pounds)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))