Shares seesaw on news of merger bid

SHARES in Bank of Ireland and its takeover target reacted in pendulum style to news of the possible merger when markets opened yesterday [[[[]]]] Bank of Ireland fell while Abbey National rose.

Shares seesaw on news of merger bid

It became apparent quickly that Abbey National shareholders will want a hefty premium of the seven-year-low price Abbey shares had fallen to by close of business on Friday.

Shares in Abbey National, Britain's sixth biggest bank, rose 8% on Monday after the merger approach from Bank of Ireland, but when investors poured cold water on the idea the price fell back to show a 6% increase on the day.

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