Instead underwriters Citigroup and UBS have persuaded existing institutional investors to step and back the refinancing instead. These investors are believed to be
In a statement issued late last night Bradford & Bingley said TPG had decided to withdraw after Moody’s had said it was planning to reduce the bank’s credit rating from A3 to Baa1. This allowed TPG to withdraw without facing legal consequences.
The FSA, the UK’s financial regulator, apparently corralled the four institutions, who had been willing to back a possible takeover attempt by Clive Cowdery, who founded Resolution.
B&B executive chairman Rod Kent said: “Whilst we are disappointed that TPG intends to terminate its Subscription Agreement, I am pleased that Citi and UBS and our major shareholders continue to support our proposed capital issuance.”