Metro Bank surges as Pollen Street said to have made takeover approach

(Sharecast News) - Metro Bank shares surged on Monday following reports over the weekend that it has been approached by private equity firm Pollen Street Capital about a possible takeover. According to Sky News, Metro was approached in the last fortnight about an offer to take it private spearheaded by the financial services-focused buyout firm.

Pollen Street is one of the major shareholders in Shawbrook, the mid-sized bank which in the past has approached Metro Bank about a merger of the two companies.

According to Sky, in recent months, Shawbrook's owners have stepped up efforts to identify a prospective corporate combination, holding tentative talks with Starling Bank about a £5bn tie-up, while also drawing up plans for a stock market listing.

At 0815 BST, Metro Bank shares were up 8.8% at 122.06p.