Tiny Aim shell launches hostile offer for building society
Article Abstract:
Murray Financial has made a bid for Leek United Building Society as part of a wider strategy whereby Murray aims to develop a financial business with over 2 billion pounds sterling worth of assets in two years. Leek aims to stay as a mutual organization, but members could put pressure on Leek to shed its mutual status and agree to the takeover. Murray is offering a bonus of 1,000 pounds sterling to Leek staff, and has also promised that no jobs will be shed for an initial 12 months. Murry also aims to set up an internet bank.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1999
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Bristol cream for Dublin
Article Abstract:
Bristol and West (B and W) has agreed to a takeover by Bank of Ireland. B and W ranks ninth among UK building societies and will run Bank of Ireland's mortgage business along with its own. Bank of Ireland has a good track record in cutting costs and should make savings through the acquisition. Savers of two years standing and over will receive a cash payment, and other savers will receive free shares. This may be one of the last such payments for savers.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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Building society blues: as thousands of Cheltenham & Gloucester savers are finding to their cost, the rules on bonuses when societies merge are complex and can be unfair
Article Abstract:
There are many anomalies in the complex Building Societ Act rules on bonus payments. Many Cheltenham & Gloucester building society borrowers will not share in the resulting payout following the Lloyds bank takeover. This is due to a High Court ruling on the legal interpretation of the rules. The government is planning to simplify the rules but not in time for some other society merger or takeover plans.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1995
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