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Bidding ended at 2pm Eastern. We would have heard if there was a buyer by now.
by gsibble 4y ago
Bidding ended at 2pm Eastern. We would have heard if there was a buyer by now.
- mrandish 4y agoI wouldn't expect to hear anything until tomorrow. Evaluating such bids can be quite complex because contingencies and limitations can differ between bids (eg cash injection, equity pricing, liability assumption, time windowing, bridge requirements, backstop guarantees and negotiating the degree of temporary regulatory loosening following the transaction). There will be significant back and forth between the top bidders and regulators following the final bids as they work to reconcile different bid elements against the regulator's ranked priorities.
- MilnerRoute 4y agoWould we have heard by now? TechCrunch reported that "Any agreed sale may not be known until late Sunday, if at all." https://techcrunch.com/2023/03/12/as-the-svb-auction-continues-the-sale-of-its-uk-arm-bounces-between-potential-suitors/ https://techcrunch.com/2023/03/12/as-the-svb-auction-continu... But even with that, "The FDIC is reportedly attempting to make at least a portion of clients’ uninsured deposits available from Monday." Also, SVB's UK arm actually has a bidder. https://www.fnlondon.com/articles/silicon-valley-bank-svb-bank-of-london-bid-uk-20230312 https://www.fnlondon.com/articles/silicon-valley-bank-svb-ba...