Lovells leads on latest Bradford & Bingley bid
Lovells has advised financial services company Resolution on its attempt to wrest control of troubled UK lender Bradford & Bingley (B&B) via a proposed £400m cash injection. Under the terms of the proposal by Resolution - which together with founder Colin Cowdery owns around 20% of B&B - the lender would scrap plans for a £300m rights issue and a proposed cash injection from US private equity group TPG.
June 24, 2008 at 09:47 AM
2 minute read
Lovells has advised financial services company Resolution on its attempt to wrest control of troubled UK lender Bradford & Bingley (B&B) via a proposed £400m cash injection.
Under the terms of the proposal by Resolution – which together with founder Colin Cowdery owns around 20% of B&B – the lender would scrap plans for a £300m rights issue and a proposed cash injection from US private equity group TPG.
The team from Lovells included M&A partner Nigel Read, Charles Rix, who heads up the firm's financial institutions transactional practice, and new corporate finance chief Chris Ashworth. The instruction represents a first major role for Ashworth since joining Lovells earlier this year from the City arm of US firm O'Melveny & Myers.
Earlier this month Legal Week reported that Cleary Gottlieb Steen & Hamilton had landed a lead role opposite Linklaters on TPG's move to acquire a 23% stake in B&B.
Simon Jay led the team for Cleary on the £179m deal, while Linklaters fielded a team under City-based corporate partners Charlie Jacobs and John Lane. B&B turned to Herbert Smith, with corporate head Michael Walter and corporate partner Will Pearce heading the line-up for the top 10 City outfit.
B&B said in a statement that it would not recommend the Resolution proposal – which would mean the group taking a 30% stake in the lender – and continues to support the restructured rights issue and TPG investment to its shareholders.
The proposals will be discussed by shareholders on 7 July.
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