According to information obtained by the News, the two companies plan to declare their agreement on the parameters of a deal as early as Thursday morning.
According to insiders, Coventry would have to pay a cash price of about £800 million.
Their declaration implies that, more than ten years after the Co-operative Bank initially verged on bankruptcy, a merger of the two financial services companies is becoming more likely.
The Coventry is gearing up for its annual meeting, which is scheduled for next week. It may be asked whether it will permit its about two million members to cast ballots on the proposed agreement.
The third-largest building society in Britain, according to City sources, was hesitant to give its members a vote due to the potential uncertainty and effect on the takeover’s timeline.
