Metro Bank and Carlyle scrap takeover talks
By Sean Farrell
Date: Thursday 18 Nov 2021
(Sharecast News) - Metro Bank and Carlyle Group have called off talks about a potential takeover of the UK lender by the private equity firm.
The bank said on 4 November it had received an approach from Carlyle. The US firm had until 2 December to make an offer.
"Carlyle and Metro Bank have agreed to terminate discussions regarding a possible offer for the company," Carlyle said on Thursday.
After launching as a "challenger" bank, Metro has struggled to compete with the UK's big lenders and suffered an accounting scandal in 2019 that exposed its reliance on risky lending. The bank's shares have lost almost three-quarters of their value since peaking at more than £4 in 2018.
Metro said it believed strongly in its standalone strategy and future prospects. The bank's shares fell 17% to 109.8p at 08:32 GMT.
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