March 31, 2017 / 8:38 AM / 5 months ago

BRIEF-Shawbrook recommends shareholders reject Consortium offer

March 31 (Reuters) - Shawbrook Group Plc

* Response to firm offer announcement

* Offer price has not changed from proposed terms that were previously rejected by board of Shawbrook on 6 March 2017

* Offer price has not changed from proposed terms that were previously rejected by board of shawbrook on 6 March 2017

* Board has concluded that it is not able to recommend offer

* Notes change in transaction structure from scheme of arrangement to a takeover offer with acceptance condition of 50 percent plus one share

* Board therefore recommends that shareholders reject offer

* Board will in due course be communicating with shareholders to set out its views in more detail

* Board is being advised by BofA Merrill lynch and goldman sachs international in respect of offer

* Lindsey Mcmurray has not been involved in board's consideration of offer Source text for Eikon: Further company coverage:

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