May 7, 2018 / 8:24 PM / a year ago

UK's Virgin Money says it has received takeover offer from CYBG

May 7 (Reuters) - UK challenger bank Virgin Money Holdings (UK) Plc said on Monday that it had received a preliminary and conditional takeover offer from mid-sized bank CYBG Plc.

Virgin Money shareholders would receive 1.1297 new CYBG shares for each Virgin Money share, according to CYBG’s proposal, Virgin Money said in an emailed statement.

Virgin Money said its board was reviewing the proposal. (Reporting by Ismail Shakil in Bengaluru; Editing by Kevin Liffey)

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