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Virgin Offers Northern Rock Equity
Summary with new information since yesterday, from articles in English
The option of remaining an independent mortgage lender now looks a possibility too, following the emergence of potential bidders that want to keep the bank largely intact . (article 6)
Lynch is conducting a bid process for Northern Rock that has seen at least three serious expressions of interest - from JC Flowers, Cerberus and a consortium led by Virgin Group . (article 6)
They are not big high- street banks with well-capitalised balance sheets flush with retail savings that could fund Northern Rock's ongoing mortgage business . (article 6)
Following this summer's crisis, analysts believe regulators will insist that UK banks adopt a greater reliance on retail deposits as a source of funding . (article 6)
Bolton a rival mortgage lender, says: " In future, Northern Rock will have to align its mortgage lending more closely with its deposit base . (article 6)
The mortgage bank's shares have become so highly levered on the back of furious speculation that any small shift in the asset base triggers a wild swing in the stock, making it impossible to price . (article 7)
So, the dripping out of information on emergency funding; the number and value of the deposits the government will guarantee and the cost of Northern Rock's borrowing has done little to help stabilise its shares . (article 7)
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Other summaries about this story:
Event tracking:
Story keywords
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Virgin, Rock, Northern, consortium, Bank |
Source articles
- Virgin Offers Northern Rock Equity (Washington Post, 10/14/2007, 357 words)
- Virgin group proposes Northern Rock plan (msnbc.msn.com, 10/12/2007, 401 words)
- Branson unveils team to buy Rock (ft.com, 10/12/2007, 456 words)
- Virgin team submits proposal to Northern Rock (ft.com, 10/12/2007, 538 words)
- FT Alphaville » Blog Archive » Branson Rocks? (ftalphaville.ft.com, 10/12/2007, 396 words)
- Rock rebirth far from assured (ft.com, 10/14/2007, 816 words)
- Time for the madness to stop (ft.com, 10/14/2007, 376 words)
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blaster@cs.columbia.edu
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