UK High Court gives CYBG takeover of Virgin Money the tick of approval

Company News

by Anna Napoli

CYBG's (ASX:CYB) takeover of Virgin Money has received the tick of approval from the UK's High Court of Justice in England and Wales.

The court has sanctioned the scheme worth around £1.7b after the companies reached agreement on the deal in June.

Eligible Virgin Money shareholders will receive over 1.2125 new CYBG shares for each Virgin Money share held.

It's expected the scheme will become effective today, the 15th of October and that the trading of Virgin Money Shares on the London Stock Exchange will be cancelled from 8.00am.

Shares in CYBG (ASX:CYB) closed 2.06 per cent higher at 5.46 on Friday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.