Northern Rock stock falls on bid comments

Shares in Northern Rock, the mortgage lender, plummeted 19% on Monday after it revealed takeover bids were worth less than the company's stock market value at the Friday close.

The lender said: "The range of values for the existing equity implied by the [takeover bids] is materially below the market price at the close of business on Friday, 16 November." Shares were worth 128p on Friday, but had fallen to 104p by the Monday close. The lender is estimated to owe the Bank of England more than

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