Bradford & Bingley, the UK’s biggest buy-to-let lender, will announce Monday that private equity firm TPG will invest £150m in buying a 20% stake and that its chief executive, Steven Crawshaw, is to step down due to a serious heart condition. B&B will also issue a profit warning. The mortgage bank, which has a market cap of £545m, was approached by TPG after launching its controversial £300m rights issue. B&B will scale back the rights issue to £250m at a price just above 50p. In a separate analysis, the FT says Crawshaw’s departure leaves B&B looking increasingly vulnerable as a potential takeover target – although TPG has bought valuable time for the company.

This entry was posted by Gwen Robinson on Monday, June 2nd, 2008 at 5:42 and is filed under Capital markets, M&A, Private equity. Tagged with Bradford & Bingley, tpg. Edit this entry.