NYT > DealBook
Update: Reuters is reporting that the unidentified non-U.S. mortgage firm GMAC is considering pursuing is Northern Rock, the troubled British mortgage lender. Cerberus Capital Management, which is the majority owner of GMAC, reportedly has already bid for Northern Rock. GMAC, the auto and home lender once owned by General Motors, may buy a non-U.S. mortgage company [...]
Shanghai Daily: Business - shanghaidaily.com
NORTHERN Rock Plc, the UK mortgage lender bailed out by the Bank of England two months ago, said it received an additional bid "materially below" Tuesday's 97-pence closing share price. Northern Rock declined 15 percent to 82.7 pence at 8:26am in London trading after reporting in a statement yesterday further "expressions of interest" from companies seeking to buy or manage the company. The shares fell for a seventh day and are down 93 percent this year, valuing the Newcastle, England-based lender at 345 million pounds (US$712 million), Bloomberg News said. JC Flowers & Co, run by former Goldman Sachs Group Inc banker Christopher Flowers and billionaire Richard Branson's Virgin Group Ltd have made competiting proposals. Another bidder, Olivant Advisers Ltd, founded by former Abbey National Plc Chief Executive Officer Luqman Arnold, is also interested. Cerberus Capital Management LP, a United States private-equity firm, also sent an acquisition plan. J.C.