Monday, November 26, 2007
Virgin and the ROCK
Posted by David Smith at 09:00 AM
Category: Thoughts and responses

The Virgin consortium has emerged as the preferred bidder for Northern Rock and will pay about half Friday's market value to shareholders and immediately pay off 11 billion of Bank of England loans. It looks like a better deal than J C Flowers though critics such as Jon Moulton have already said Virgin will be picking it up too cheaply. In which case, why doesn't he put together a bid himself? Is it better than nationalisation? In my view yes, others may disagree. More details here.

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