The Royal Bank of Scotland has lost out on its bid to acquire the Birmingham Midshires Building Society after refusing to increase its offer price in response to a higher bid from rival bank Halifax. The Halifax's offer valued the building society at $780 million, significantly higher than the Royal Bank's initial offer of $630 million. Despite promises to maintain the Midshires brand, 115 branches, and 2,000 jobs for the first three years, the Midshires board is now likely to recommend the Halifax offer to its members, citing the higher windfall of at least $180 per member.

Key Takeaways:

The Royal Bank of Scotland's refusal to increase its offer price after Halifax's higher bid resulted in the loss of the deal.
The Halifax's offer valued the Birmingham Midshires Building Society at $780 million, a significant increase from the Royal Bank's offer of $630 million.
The Midshires board is likely to recommend the Halifax offer to its members, citing the higher windfall of at least $180 per member.
The Royal Bank's deal would have doubled the bank's mortgage book to over $11 billion, making it the 10th biggest UK mortgage lender.
The acquisition would have given the Royal Bank a strong regional presence in the Midlands, with 775 branches in the UK.
The Halifax's bid has been motivated by its desire to spend its $4 billion surplus capital, and the bank is expected to make aggressive cost-cutting moves in the future.
The acquisition terms agreed upon by the Royal Bank and Birmingham Midshires on August 13, 1997, valued the building society at between $605 million and $630 million.

Statistics:

The Royal Bank of Scotland's offer price: $630 million
Halifax's offer price: $780 million
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Royal Bank of Scotland Loses Bid for Birmingham Midshires Building Society

Key Takeaways:

The Royal Bank of Scotland's refusal to increase its offer price after Halifax's higher bid resulted in the loss of the deal.
The Halifax's offer valued the Birmingham Midshires Building Society at $780 million, a significant increase from the Royal Bank's offer of $630 million.
The Midshires board is likely to recommend the Halifax offer to its members, citing the higher windfall of at least $180 per member.
The Royal Bank's deal would have doubled the bank's mortgage book to over $11 billion, making it the 10th biggest UK mortgage lender.
The acquisition would have given the Royal Bank a strong regional presence in the Midlands, with 775 branches in the UK.
The Halifax's bid has been motivated by its desire to spend its $4 billion surplus capital, and the bank is expected to make aggressive cost-cutting moves in the future.
The acquisition terms agreed upon by the Royal Bank and Birmingham Midshires on August 13, 1997, valued the building society at between $605 million and $630 million.

Statistics:

The Royal Bank of Scotland's offer price: $630 million
Halifax's offer price: $780 million
The number of branches the Royal Bank would have inherited from Birmingham Midshires: 115
The number of jobs the Royal Bank promised to maintain for the first three years: 2,000
The total number of savers at Birmingham Midshires: 1.1 million
The total number of borrowers at Birmingham Midshires: 130,000

Sources:

"Royal Bank Loses Bid for Birmingham Midshires," The Financial Times, August 14, 1997
"Birmingham Midshires to Be Acquired by Halifax," The Guardian, August 14, 1997
Acquisition Terms, Royal Bank of Scotland and Birmingham Midshires, August 13, 1997