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June 2nd: "Outrageous" re-pricing at Bradford & Bingley
Bradford & Bingley, the largest buy-to-let lender in the UK, has revealed that a private equity firm is to take a 23% stake as a means of shoring up its finances. Texas Pacific Group is investing 150 million pounds as part of a re-engineered rights issue which cuts the price of the new shares dramatically. Jane Croft explains why shares in B&B have dropped by over a quarter at one stage today - and why other banks in the UK and the rest of Europe have also fallen.