June 4, 2018 / 6:42 AM / 2 years ago

Virgin, CYBG see cost efficiencies in acquisition

LONDON, June 4 (Reuters) - The acquisition of British bank Virgin Money by lender CYBG could result in significant efficiency gains, the boards of the two companies said, after CYBG raised its offer.

CYBG said on Sunday it had raised its offer to buy Virgin Money by a 7 percent increase in the exchange ratio through an all-share combination.

Under the terms of CYBG’s revised proposal, Virgin Money shareholders would own about 38 percent of the combined group compared with the original 36.5 percent offer.

Virgin Money shareholders would also be entitled to retain any dividend declared and paid in respect of the period ending June 30.

CYBG now has until June 18 to make an offer. (Reporting by Dasha Afanasieva, editing by Louise Heavens)

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