Islamic Bank of Britain takeover moves a step closer
THE possible takeover of Birmingham-based Islamic Bank of Britain has moved a step further with the board confirming it is in direct negotiations with its would-be purchaser.
The bank said it was now holding talks with Masraf Al Rayan (MAR) regarding a possible offer for the whole of the issued share capital of IBB.
IBB said before Christmas that while it had not received a direct approach from MAR, its main shareholder Qatar International Islamic Bank (QIIB) was progressing talks with MAR regarding the sale of its IBB shares, which represent 88.41% of the Birmingham bank’s issued share capital of IBB.
The IBB shares carry 30% or more of the voting rights of IBB and would trigger the requirement for a general offer. MAR has confirmed that if any offer is made it is likely that it would be solely in cash.
MAR had until 5pm today to say whether it intended to make a firm offer for the shares, the date having been set by the Panel on Takeovers and Mergers. The panel has now agreed to a further extension of the deadline to 5pm on February 4.
IBB, which is being advised on the matter by Birmingham-based corporate finance firm Cattaneo, said the announcement had been made with the consent of MAR and the board said it would update the markets in due course should there be any development.