Bank of Ireland determined to pursue Abbey National takeover

BANK OF IRELAND is still very much in the race to take over Abbey National despite the slamming of the gate on a buyout by the board of Britain’s sixth-biggest bank yesterday.

Abbey National made the initial running early yesterday morning by issuing a brief statement rejecting Bank of Ireland’s takeover offer.

Abbey said its board had met on Monday and decided the best means of restoring shareholder value would be through its own restructuring plan.