Northern Rock

JC Flowers tries to derail Virgin bid for Northern Rock

US private equity firm says it is being snubbed by Treasury officials and signals better rewards for investors

JC Flowers, the US private equity firm, made a last-ditch bid yesterday to wreck Sir Richard Branson's takeover of Northern Rock after it signalled possible increased payouts for shareholders as part of a revised offer.

The move is likely to heighten tensions between the three main bidders for the bank and the Treasury, which is thought to be keen on a quick sale to close the door on the politically and financially embarrassing episode.

Sources close to Flowers said attempts to sit down with Treasury officials this week had proved fruitless, despite promises from the government that all takeover proposals would be examined.

The Treasury denied last night that it was reluctant to engage in talks with the Flowers team. "We stand ready to have discussions with any bidder that meets the principles we set out," it said.

Oh my this hedge fun group hates losing, they will only get 10p back for everything they have invested.

They are WATB*, they took a gamble and now its not worked out as they hoped, so suck it up Hedge Fund!

*Whiny Ass Titty Babies