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Reading: Coventry and Cooperative Bank are close to reaching a historic £780 million transaction.
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Baner Club > Blog > Business > Coventry and Cooperative Bank are close to reaching a historic £780 million transaction.
Business

Coventry and Cooperative Bank are close to reaching a historic £780 million transaction.

This week, when the Co-operative Bank announces that it has reached an agreement to be acquired by the Coventry Building Society for £780 million, it will take a step closer to restoring its mutual status.

Last updated: 2024/04/18 at 9:30 AM
Published April 18, 2024
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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.

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admin April 18, 2024 April 18, 2024
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