Merger and acquisition consultants to close financiers' deal?
A merger between two lenders looks set to go ahead, it has emerged.
Merger and acquisition (M&A) consultants look set to be required to oversee an agreement between to UK financiers in the near future, it has emerged.
A deal in principle between the Norwich and Peterborough Building Society (N&P) and the Yorkshire Building Society for the two organisations to join forces has been reached.
And it has now emerged that around 90 per cent of eligible savers and borrowers with the former organisation have given their approval to this deal, meaning professionals in the M&A industry may be needed to help finalise the agreement, which must now be ratified by the Financial Services Authroity.
Gordon Horsfield, chairman of N&P, welcomed these figures and noted the company's patrons had, like its board members, "recognised the short and long term benefits of this merger".
Recently, research conducted by Dealogic and reported in the Financial Times revealed M&A activity has returned to pre-recession levels in the technology industry in 2011.
Posted by Edel Quinn