B&B bidding war is starting to hot up - Financial Services Recruitment - Emu Consulting

Bradford & Bingley's bid to sell a quarter of its stock to a US investment bank and offer a revised rights issue could be scuppered if some of its biggest institutional shareholders' attempt to soften it up for a rival bidder succeeds.

The mortgage bank was subject to a £400m bid from entrepeneur Clive Cowdery, allegedly backed by its four largest institutional investors: Standard Life, Legal & General, Prudential and Insight. A senior insider at one of these companies, who wished not to be identified, has claimed the businesses' backing for the venture.