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October 13, 2008

Lloyds TSB revises HBOS acquisition terms

By Spear's

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.

For further details visit thewealthnet

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