U.K.'s Charter Court Confirms Merger Talks with OneSavings Bank

(Bloomberg) -- Charter Court Financial Services Group and OneSavings Bank said they are in advanced discussions regarding a possible all-share combination of the two U.K.-based companies.

  • Proposed terms include OSB acquiring all the issued and to-be-issued ordinary share capital of Charter Court on the basis of an exchange ratio of 0.8253 new OSB shares for each Charter Court share
  • Proposed that Andy Golding, currently CEO of OSB, will become CEO of the combined group
  • OSB, Charter Court boards are expected to recommend the possible merger

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