Bank buyout rejected

BOSSES at challenger bank Shawbrook have urged shareholders to reject an £868m bid for the business.

Private equity firms BC Partners and Pollen Street Capital have promised investors 340p a share.

It is their final offer after they repeatedly raised the price to try to attract more interest.

The pair already own 38.8pc of the stock and have support from shareholders with another 6.6pc, leaving them less than 5 points shy of a 50pc controlling stake.

But Shawbrook directors yesterday said that the proposal undervalued the bank and urged investors to turn it down. Shareholders have until June 19 to accept the offer. Shares closed flat at 338.5p yesterday.