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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Lloyds Banking Group    LLOY   GB0008706128

LLOYDS BANKING GROUP (LLOY)
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CYBG on track to clinch Virgin Money deal before deadline - source

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06/15/2018 | 07:32pm CEST
FILE PHOTO: A man checks his phone as he walks past a branch of Virgin Money in Manchester

LONDON (Reuters) - CYBG is closing in an agreement to buy rival Virgin Money to create a larger bank to take on Britain's biggest lenders, a source familiar with the matter told Reuters on Friday.

CYBG, the owner of Clydesdale Bank and Yorkshire Bank, must decide whether to make a firm offer or walk away from Virgin by 5 pm on June 18, when a deadline set by the UK's Takeover Panel expires.

It faced an earlier deadline of June 4 but Virgin agreed to an extension after CYBG made an improved all-share proposal earlier this month of 1.2125 new shares for every share in Virgin.

The banks are now on track to reach an agreement before the next deadline expires on Monday, the source said, adding that another extension is not currently expected.

Any deal would be struck on similar terms to CYBG's sweetened proposal, the source said. The value of that bid moves with CYBG's share price but it puts a price-tag of about 1.6 billion pounds on Virgin.

Last minute obstacles could still scupper an agreement.

It comes after CYBG launched its pursuit of Virgin, which is backed by entrepreneur Richard Branson, on May 7 with an initial bid of 1.1297 new shares for every share in Virgin.

Combining the two lenders would create a group better placed to compete with larger rivals such as Royal Bank of Scotland and Lloyds Banking Group, which dominate the British high streets.

Branson owns about 35 percent of Virgin.

(Reporting by Ben Martin, editing by John O'Donnell and Louise Heavens)

By Ben Martin

Stocks mentioned in the article
ChangeLast1st jan.
LLOYDS BANKING GROUP -1.66% 62.08 Delayed Quote.-8.79%
ROYAL BANK OF SCOTLAND GROUP -3.45% 254.5 Delayed Quote.-8.45%
VIRGIN MONEY HOLDINGS (UK) PLC -0.56% 355 Delayed Quote.24.91%
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Financials ( GBP)
Sales 2018 18 525 M
EBIT 2018 8 765 M
Net income 2018 4 338 M
Debt 2018 -
Yield 2018 5,55%
P/E ratio 2018 10,29
P/E ratio 2019 8,92
Capi. / Sales 2018 2,41x
Capi. / Sales 2019 2,39x
Capitalization 44 649 M
Chart LLOYDS BANKING GROUP
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Lloyds Banking Group Technical Analysis Chart | LLOY | GB0008706128 | 4-Traders
Technical analysis trends LLOYDS BANKING GROUP
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 0,77  GBP
Spread / Average Target 23%
EPS Revisions
Managers
NameTitle
António Mota De Sousa Horta-Osório Group Chief Executive Officer & Executive Director
Norman Roy Blackwell Chairman
Juan Calafat Colombás Chief Operating Officer & Executive Director
George Mark Culmer Chief Financial Officer & Executive Director
Anita Margaret Frew Senior Independent Non-Executive Director
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