The proposal on the table calls for the two brands to continue operating as independent businesses, with the Virgin Money brand being maintained for about six years, even though nothing has been finalized.
Nationwide stated that no significant adjustments to Virgin Money’s 7,300-person workforce were anticipated “in the near term”.
The 220p all-cash offer for each Virgin Money share was a 38% premium over the company’s Wednesday share price.
Terms for Nationwide’s £2.9 billion buyout of Virgin Money are agreed.
Terms for Nationwide Building Society's £2.9 billion acquisition of Virgin Money have been agreed upon, creating a stronger competitor for the UK's largest lenders.
Leave a comment
Leave a comment
