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Article: Lloyds TSB revises offer for HBOS; to raise 5.5 bn pound.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- October 13, 2008
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Lloyds TSB revises offer for HBOS; to raise 5.5 bn pound
London, Oct 13 (PTI) -- British banking major Lloyds TSB today said it has revised its offer to acquire troubled mortgage lender HBOS and has decided to raise fresh capital to the tune of 5.5 billion pound.
The revised terms agreed include HBOS shareholders would receive 0.605 Lloyds TSB shares for every one HBOS share. At the same time, an offer would also be made to HM Treasury for exchanging the preference shares it holds in HBOS to an equivalent amount of shares in Lloyds TSB, the company said in a filing to the London Stock Exchange.
The takeover panel has given its consent to the ...