Prudential Plans to Buy Back Egg
In a reversal of strategy, insurer Prudential is to take full ownership of Egg plc
5th December 2005
Insurer Prudential has revealed plans to buy back remaining shres in online bank Egg, delisting it from the stock market.
The move represents a reversal of strategy for the insurance giant, which has been open to offers for its 79% stake in the UK's biggest online bank for nearly two years.
The plan is to use Prudential shares to buy back the 21% of Egg shares currently traded, and the deal will value each Egg share at 118p.
Subject to approval by Egg's shareholders, the process should be complete by the end of January.
Read More: Money Guardian : Pru buys back Egg with eye on move into banking
|
Products from Egg : Card, Loans, Money, Motor Insurance, Savings Account |
|
More Egg News : Egg plc Posts £40m Loss, Egg's Profits Rise, £437bn Spent on Debit and Credit Cards, Egg Launches Mobile Banking, Egg Launches 'Spending Money' Account, See all 20 Egg stories >>> |
Home - Banking
