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Top ten Virgin Money investor says CYBG would need to significantly lift bid

Reuters - UK Focus

LONDON, May 8 (Reuters) - British bank CYBG (Frankfurt: 42YA.F - news) would have to hike its bid for rival lender Virgin Money significantly if investors are going to consider a deal, a top ten investor in the takeover target told Reuters on Tuesday.

"There is some strategic logic and plenty of potential synergies in a combination of the two, but also plenty of execution risk, particularly from an IT perspective in light of recent events at TSB," said the fund manager, who declined to be identified.

($1 = 0.7410 pounds) (Reporting by Ben Martin, editing by Louise Heavens)