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Article: Lloyds TSB to bailout HBOS for 12.2 bn pound.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- September 18, 2008
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Lloyds TSB to bailout HBOS for 12.2 bn pound
London, Sep 18 (PTI) British banking major Lloyds TSB has announced that it has reached an agreement for acquiring UK's troubled mortgage lender HBOS for a consideration of 12.2 billion pound.
The offer values HBOS at 12.2 billion pound, which is based on Lloyds TSB's closing price on September 17, 279.75 pence, Lloyds said in a statement.
Under the terms of acquisition, HBOS shareholders would receive 0.83 Lloyds TSB shares for every one HBOS share. Existing Lloyds TSB shareholders would own about 56 per cent of Lloyds TSB as enlarged by the acquisition and existing HBOS shareholders around 44 per ...