Nationwide, Virgin Money directors "unanimously" back $3.7 bln deal

Virgin Money UK

21/03/2024 07:19

LONDON, March 21 (Reuters) - Directors at Nationwide
Building Society and takeover target Virgin Money  VMUK.L  said
on Thursday they would "unanimously" recommend the proposed 2.9
billion pounds ($3.71 billion) deal to independent Virgin Money
shareholders.
    Under the terms of the deal, each Virgin Money shareholder
will receive 220 pence in cash, comprising 218 pence per Virgin
Money share and a proposed dividend of 2 pence per share.
    The total value represents a 38% premium to the closing
price on March 6.
    "The boards of Nationwide and Virgin Money believe that the
acquisition will combine two complementary businesses, creating
the second largest provider of mortgages and savings in the UK,"
the companies said in a statement.
    
($1 = 0.7814 pounds)

 (Reporting By Sinead Cruise)
 ((sinead.cruise@thomsonreuters.com; 020 7513 5026; Reuters
Messaging: sinead.cruise.thomsonreuters.com@reuters.net))