Leek United spurns offer
Tuesday 07 September 1999
Mr Redwood is a director of Murray Financial Corporation, a group set up last year to acquire building societies and life assurance firms. So far, Murray has not managed to buy anything, although it says it has had talks with several societies.
Murray first approached Leek's board two weeks ago, but was told the building society wished to remain independent. Murray then offered Leek's chairman a position on its board, but to no avail. The bid values the building society at pounds 30.5m.
Leek said yesterday: "Having examined the offer carefully, the board has decided, unanimously, to reject it because it is not in the interests of members of the society."
Murray's chief executive, Kenneth Murray, disagrees. Under the terms of his proposal, the society's members would receive pounds 950 windfalls once the acquisition was complete. A spokesman for Mr Murray said it would be "arrogant" of Leek's board not to offer its members the chance to vote. He also said he expects 100 of Leek's investors, the minimum number required to demand a vote, to come forward once they learn of their board's decision.
- 2 Rarest Beanie Baby of them all could be sold for £62,500 on eBay
- 3 Professional big game hunter Ian Gibson crushed to death by elephant during hunt
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
Migrants crossing the Mediterranean: Pope Francis joins calls for EU action on boat refugees
Yemen crisis: Meet the child soldiers recruited by the Shia Houthi rebels who have forsaken books for Kalashnikovs
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Isis in Afghanistan: Group claims responsibility for Jalalabad suicide bombing that killed 35
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...