Marlin Bidco Ltd., the company jointly owned by funds handled by private equity firms Pollen Street Capital Ltd. and BC Partners LLP, obtained clearance from the European Commission for its proposed takeover of U.K. challenger bank Shawbrook Group Plc.
Shawbrook has rejected earlier takeover attempts by Pollen Street Capital and BC Partners, saying it was sufficiently confident that it could drive shareholder returns as a publicly listed company.
In late March, the bank's board recommended that its shareholders reject a virtually unchanged 330 pence-per-share offer by Marlin Bidco. Shawbrook said the cost to fend off the takeover offer could rise to up to £12.5 million.
Shareholders have until 1 p.m. on June 2 to accept the offer, Marlin Bidco said the same day.