Lloyds TSB has announced revised terms for its acquisition of HBOS and also said that it is planning to raise £5.5 billion of new capital.
Lloyds TSB has announced revised terms for its acquisition of HBOS and also said that it is planning to raise £5.5 billion of new capital.
As a result the two banks have agreed to proceed with a recommended offer for HBOS on revised terms which will see HBOS shareholders receiving 0.605 Lloyds TSB shares for every 1 HBOS share.
In addition, £17 billion of capital will be raised, of which £11.5 billion (£8.5 billion in ordinary shares and £3 billion in preference shares) will be raised by HBOS and £5.5 billion (£4.5 billion in ordinary shares and £1 billion in preference shares) by Lloyds TSB.
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