Shares in troubled bank Northern Rock have fallen by more than 25% on Tuesday after it revealed there had been no interest in a bid for the whole firm.
Shares in Northern Rock fell by more than 25% on Tuesday, before recovering to stand 11% down, as uncertainty about whether it would be bought continued.
Northern Rock shares stood at over £12 each in February, but have fallen by more than 40% this week to below 80p.
Its shares cost £12 each in February, but have fallen steeply this week to stand at 93p at midday on Tuesday.
The bank has said offers for it were below its closing price on Friday.
The bank has said offers for it were below its closing price on Friday.
Meanwhile, a Reuters report says US buyout firm JC Flowers submitted an offer that included an offer to Rock shareholders at a "nominal value".
Meanwhile, a Reuters report says US buyout firm JC Flowers submitted an offer that included an offer to Rock shareholders at a "nominal value".
Trading in Northern Rock shares was briefly halted on Tuesday, but the bank was on track for one of its biggest one day falls since it entered the FTSE 100 at the start of October 1997.
Trading in Northern Rock shares was briefly halted on Tuesday.
The Bank of England has lent it more than £24bn in emergency funding, a move defended by Chancellor Alistair Darling in the Commons on Monday.
The Bank of England has lent it more than £24bn in emergency funding, a move defended by Chancellor Alistair Darling in the Commons on Monday.
Both the Conservatives and the Liberal Democrats have criticised the loans.
Both the Conservatives and the Liberal Democrats have criticised the loans.
Government loan
Government loan
Mr Darling had told the Commons in a statement that the loan move was "right" to give the bank time to assess its "strategic options".
Mr Darling had told the Commons in a statement that the loan move was "right" to give the bank time to assess its "strategic options".
In addition, the government has pledged to guarantee the £16bn worth of savings deposits held by Northern Rock customers.
In addition, the government has pledged to guarantee the £16bn worth of savings deposits held by Northern Rock customers.
Those who have so far expressed interest in Northern Rock include a consortium led by Sir Richard Branson's Virgin, and Olivant, an investment firm led by former Abbey chief executive Luqman Arnold.
Those who have so far expressed interest in Northern Rock include a consortium led by Sir Richard Branson's Virgin, and Olivant, an investment firm led by former Abbey chief executive Luqman Arnold.
Private equity firms JC Flowers and Cerberus have also looked at the UK's fifth-biggest mortgage-lender.
Private equity firms JC Flowers and Cerberus have also looked at the UK's fifth-biggest mortgage-lender.
Credit freeze
Credit freeze
Northern Rock, which has around 6,000 staff, has said it expects to receive further expressions of interest over the "next few days".
Northern Rock, which has around 6,000 staff, has said it expects to receive further expressions of interest over the "next few days".
But the company has said the proposals received so far from potential investors were "materially below" the stricken bank's share price.
But the company has said the proposals received so far from potential investors were "materially below" the stricken bank's share price.
Northern Rock was forced to seek emergency funding from the Bank of England in September after the jamming up of world credit markets wrecked its business model.
Northern Rock was forced to seek emergency funding from the Bank of England in September after the jamming up of world credit markets wrecked its business model.
The government has a number of options when it comes to Northern Rock's future - it could let the bank go into receivership, seek a private buyer, or take it over itself.
The government has a number of options when it comes to Northern Rock's future - it could let the bank go into receivership, seek a private buyer, or take it over itself.
Meanwhile, Northern Rock says it continues to be engaged in discussions with refinancing companies to explore refinancing "or reorganisation solutions for the company".
Meanwhile, Northern Rock says it continues to be engaged in discussions with refinancing companies to explore refinancing "or reorganisation solutions for the company".
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