Billionaire investor Wilbur L. Ross plans to buy a stake in NBNK Investments Plc after the firm created by former Lloyds of London Chairman Peter Levene to bid for financial firms failed to make a purchase in two years.
Ross’s funds will buy about 21.3 million shares in NBNK for 39 pence each, the company said in a statement today. NBNK will make a tender offer to investors for a further 18.9 million shares at the same price. Depending on the results of that offer, Ross will own about 30 percent of the firm.
NBNK said in June it would disband after it failed to acquire 632 branches from Lloyds Banking Group Plc. The company was formed to acquire outlets being sold by British banks under pressure from regulators to shrink their balance sheets after receiving government bailouts.
“A significant majority of shareholders has indicated its support for a continuation of the company and an ongoing effort to make a significant acquisition,” NBNK said in a statement today. “The new board intends, in consultation with shareholders, to review its investment policy including investment in continental Europe.”