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UK's Metro Bank gets takeover approach from Carlyle Group

UK's Metro Bank gets takeover approach from Carlyle Group
UK's Metro Bank gets takeover approach from Carlyle Group   -   Copyright  Thomson Reuters 2021
By Reuters

-British lender Metro Bank said on Thursday it has received a takeover approach from U.S. private equity firm Carlyle Group, sending its shares soaring by as much as 31%.

Metro Bank said it was engaging with Carlyle but there was no certainty an offer would be made.

Shares in the bank were last up 29% at 1125 GMT.

The interest comes as Metro has been working to turnaround its fortunes after a major accounting error in 2019 forced out its top bosses and led to a sharp fall in its share price.

“A further announcement will be made as and when appropriate,” said Metro Bank. “In the meantime, shareholders are advised to take no action.”

A spokesperson for Carlyle Group declined to comment.

Bloomberg had reported earlier that the British challenger bank was attracting takeover interest from Carlyle, citing people familiar with the matter.