Shares of Clydesdale and Yorkshire bank continue to firm as the market assesses the takeover of Virgin Money as a net positive for the UK-based lender.
Under the terms of the current proposal, CYB will acquire 100% of Virgin Money by issuing 1.21 new shares in exchange for each share in Virgin.
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The takeover board has extended the deadline for CYB’s decision to June 18th for Virgin’s 6 million personal and business customers.
Will believe that CYB will move forward with the takeover. As such, the cost synergies via the rationalization of operations and the reduction in IT spending will add value and lift the share price.
Our ALGO engine triggered a buy signal at $4.40 back in July of last year. We suggest buying CYB at current levels with an initial upside target of $6.00 and solid support at $5.15.
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