Former Tesco PLC (TSCDY) Finance Director Andy Higginson, who is
representing a consortium of investment and hedge fund companies,
has offered Royal Bank of Scotland Group PLC (RBS.LN) more than 1
billion pounds ($1.55 billion) for a network of branches on the
condition of a quick sale, according to a report in the Sunday
Times newspaper, citing one unidentified consortium backer.
The consortium includes Schroders, Invesco, Threadneedle,
Lansdowne Partners and GLG - and the billionaire Pears family,
according to the report.
Mr Higginson has told RBS that if the bank ignores rival bids
and enters exclusive talks, a cheque for more than GBP1 billion
could be handed over by the summer.
RBS is under pressure to select a buyer for the 316 branches
that are being sold on the orders of the European Commission. It
has to finalize a deal before the end of the year to avoid further
penalties from Brussels.
Higginson couldn't be reached for comment, while a RBS
spokeswoman declined to comment on the report.
Newspaper Web site: http://www.timesonline.co.uk
Write to London Bureau at generaldesklondon@dowjones.com