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Midshires thinks again on pounds 630m Royal Bank deal

The pounds 630m deal by Royal Bank of Scotland to buy Birmingham Midshires Building Society looked in jeopardy yesterday after it emerged that the society's board was reconsidering the deal. The deal has been criticised by many members as setting the group at a much lower valuation than other converted societies.

Birmingham Midshires is now widely expected to seek a higher amount and may fail to recommend the deal, sealed last August, unless the price is raised. This would put it on a collision course with Royal Bank, which yesterday said it would not reconsider. "If they decide not to recommend the offer to their members, that is a matter for them. We will not renegotiate," a spokesman said.