If Portman society members dream of a higher price from the cuddly Nationwide they can think again.
Only in the real world would there rise the possibility of a counter bid, spurred on by the bright ideas of fee-hungry investment bankers.
There has never been a hostile bid for a building society so an average of £200-a-piece, despite profits approaching £60 million, is probably it.
There is a value, albeit difficult to quantify, of staying with the Nationwide but the importance of this deal is what it says about the industry. The small guy’s days are numbered.
Advertisement
The Portman is tiny in a sea of big players like HBOS with the fire power to offer cut-priced mortgage deals on grand scale. Watch the tiddlers start to fall.