Metro Bank confirms possible offer from Carlyle

Metro Bank said in a statement that it has engaged with Carlyle in relation to a possible offer, and that shareholders were advised to take no action.

Under Takeover Code rules, Carlyle now has until 2 December 2021 to either announce a firm intention to make an offer for Metro Bank or walk away.

Merrill Lynch International, Jefferies International and RBC Capital Markets are advising Metro Bank in relation to the potential offer.

The company currently has a market cap of GBP 251.6m.

Metro Bank is a retail and commercial bank operating in the UK, founded by Anthony Thomson and Vernon Hill in 2010. Its total underlying revenues for 2020 stood at GBP 340.9m, with an underlying loss before tax of GBP 271.8m, according to the company's accounts.

As reported, the volume and total value of PE funds' acquisitions of European banks has fallen in recent years, Dealogic data shows, but the sector continues to attract sponsors' attention. Despite lingering questions about the health of lenders' loan books, sponsors want in on banking businesses before greater confidence in asset quality and interest-rate hikes increase valuations.

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• Topics
• Buyouts
• UK / Ireland
• Financials
• Carlyle Group