The detailed information memorandum from Northern Rock’s advisers, which has now plopped on to the welcome mat of potential bidders for the ailing bank, from Mumbai to Swindon, is the sort of junk mail that most can safely bin.
Given the publicity for the Rock’s plight, recipients’ first reaction is hardly likely to be: “Hmm, Northern Rock – I haven’t heard of them: better take a look.” A few may decide the document is worth a second glance. When the dilapidated house on the corner goes on sale, many of us still enjoy poring over the estate agent’s details, even if we have no real intention of putting in an offer.
The mailshot is irritating for those potential bidders that have already stuck their necks out and said they might be interested. But they shouldn’t worry too much. This exercise looks more as though it is intended for posterity than to smoke out a shy Asian billionaire. When your sale options consist of a vulture fund, a buy-out firm and Sir Richard Branson, it’s best to be sure that you will be able to prove to the National Audit Office or the Treasury select committee that you explored all the other avenues, before you choose the devil you know.