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CO-OP BANK TO PROSECUTE FAILED TAKEOVER BIDDER

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The Co-operative Wholesale Society has started a private prosecution against Andrew Regan, only hours after the col...
The Co-operative Wholesale Society has started a private prosecution against Andrew Regan, only hours after the collapse of the£1.2bn plan to take over the company, reports the Financial Times (p1).

Mr Regan and his business partner David Lyons face criminal proceedings at the City of London Magistrates Court on 28 May for aiding, abetting, counselling or procuring theft and for handling stolen property. Suspended CWS senior executive Allen Green also faces proceedings for theft.

Mr Regan's Galileo group blamed its decision to pull out on the CWS boards rejection of its approach.
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