British bank CYBG clinches $2.3 billion takeover of Virgin Money

British bank CYBG clinches $2.3 billion takeover of Virgin Money

Mid-sized British bank CYBG said on Monday it had clinched a deal to take over rival Virgin Money after over a month of talks, in a deal valuing the lender at around 1.7 billion pounds ($2.26 billion). The deal will create Britain’s sixth biggest bank by assets. It is on the same terms as an increased bid CYBG put forward earlier in June, will see Virgin Money shareholders receive 1.2125 CYBG shares per Virgin Money…

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