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Shawbrook downgraded by Shore Capital

02 May 2017 15:22

Shore Capital has downgraded its recommendation on Shawbrook (LON:SHAW) to hold from buy after the announcement of the company's first quarter trading update and the boards rejection of a recent offer from Marlin.

The broker said: "Although we agree that the bid materially undervalues the shares, we also believe it is only a matter of time before Marlin Bidco gets the 50% support it requires to take control.

"With the shares currently trading at a slight premium to the offer price, we therefore downgrade to Hold (from Buy)."

At 3:22pm: (LON:SHAW) Shawbrook Group Plc share price was -1.65p at 340.35p

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