Paragon Mortgages 'considering takeover bids'
Published: 22-Jul-2008
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Buy to let specialist Paragon Mortgages has confirmed it is considering takeover bids from a number of potential suitors.
The lender has said that offers are being evaluated and that it is undertaking due diligence to evaluate them, but stressed that there is "no certainty" that a bid will be accepted.
A statement from Paragon read: "In order to determine whether any of these approaches may form the basis for an acceptable offer or offers, the Board has entered exploratory discussions with, and is providing certain due diligence access to, the parties concerned."
News of an offer for Paragon comes after the lender suffered significant losses from its exposure to the US sub-prime mortgage crisis.
Over the last 12 months shares in the firm have dropped from 470 pence to 49 pence.
However, rumours of a takeover drove the price up to 99.25 pence in tradingthis morning.
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