Virgin Money soars on £2.9 billion takeover talks with Nationwide

Virgin Money’s (LSE: VMUK) share price surged over 35% on Thursday morning after the announcement of a potential £2.9 billion takeover by Nationwide Building Society. The proposed all-cash offer, if finalised, would create the UK’s second-largest provider of mortgages and savings.

The offer is valued at 220 pence per share, representing a 38% premium over Virgin Money’s closing share price on Wednesday. This news sent investors into a buying frenzy, pushing the stock price up dramatically.

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The deal is still in its preliminary stages, but the prospect of becoming part of a larger financial institution has clearly excited Virgin Money shareholders. The combined group would boast total assets of £366.3 billion, solidifying its position as a major player in the UK’s financial sector.