Resolution has pulled out of its bid to acquire a £400 million stake in Bradford & Bingley, citing the "entrenched" position of the board in denying Resolution due diligence access to B&B’s books.

The investment company, head by Clive Cowdery, says the bank’s board has prevented the constructive engagement necessary to finalise its proposals, and adds that it cannot responsibly recommend its proposals to shareholders without this engagement from the board.
 

Resolution claims that its proposals had the "overwhelming approval" of B&B investors, and says the price it was offering was substantially higher than that of the rights issue and sale of a 23% stake to Texas Pacific Group, which is favoured by the B&B board.
 
Clive Cowdery plans to continue with his £2bn scheme to consolidate a number of smaller banks and mortgage lenders into a single institution.
 

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