Shares in Virgin Money rose by 9.89% yesterday to reach 343.3p, as investors welcomed the news of the latest consolidation in the British challenger bank sector, while shares in CYBG also rose by 1.3%.
However, despite investors benefitting from the news, it is understood that City regulators were eyeing the movements before the offer was revealed.
Virgin Money shares rocketed over the course of last week, rising by over 15%, as a result of its positive first-quarter results, at which guidance and outlook remained unchanged.
The movements were noted by the FACE, however, with the regulator stating: “We don’t comment on specific cases but we conduct surveillance across the market on a daily basis and routinely look at unusual or sudden changes in price or volume.”
Virgin Money and CYBG declined to comment on the matter.
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