Virgin Money chairwoman says board still reviewing CYBG's takeover bid

LONDON (Reuters) - Virgin Money is still reviewing a takeover offer by rival British bank CYBG and an announcement will be made in due course, Chairwoman Irene Dorner said on Wednesday.

CYBG has made a 1.6 billion pound all-share offer for Virgin Money which the lenders said on Monday could create one of Britain's biggest banks.

Dorner, who was speaking at the bank's annual shareholder meeting, made no further comment on the bid. Analysts had expected Virgin Money to quickly dismiss the offer as too low.

Virgin Money shares were down 1.2 percent at 1244 GMT, after rising almost 10 percent on Tuesday compared to Friday's close. Monday was a public holiday in Britain.

(Reporting by Emma Rumney, editing by Sinead Cruise and Jason Neely)