Banks Boost Bids As Deadline Nears

February 2, 2000

Both Royal Bank of Scotland, backed by insurer CGU, and Bank of Scotland, backed by Prudential, made last minute increases in their offers for British bank NatWest. The new offers featured increased cash payments to shareholders, and value NatWest at around £24.1 billion ($39 billion).

NatWest management, as it has in the past, rejected both offers as insufficient, and noted that if either bank were to succeed they would be in a weakened position following the acquisition, putting shareholders’ interests at risk.

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