Branson Losing Fight for Northern Rock

Published / Last Updated on 09/12/2007

Virgin

Virgin was named as the preferred bidder for Northern Rock a few weeks ago, but has faced stiff opposition from others including Rab Capital, and we actually believe all bids are failing now.  

Virgin proposed to inject £1.3bn into the firm, saving the jobs of most of the 6,000 staff.  RAB Capital say that the Virgin offer is too low and would expect it to be improved or alternative proposals be offered.  

Our view

Brand wise, the Virgin bid would have had the most public appeal, however, we believe in the effort to buy Northern Rock for the cheapest price possible, all are losing out and bids are failing.  There is even talk now of public i.e.  State ownership.

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