Scrutineer: Proposed HBOS takeover faces formidable hurdle
Published Date:
22 September 2008
By Bill Jamieson
IN THE furore surrounding the shotgun "merger" of Lloyds TSB and HBOS, two critical points have been overlooked. Either could scupper the deal. The first is that the takeover will have to be done via a special Scheme of Arrangement. As such, it will require the 75 per cent approval of HBOS shareholders. The critical passage in last week's 40-page outline document is quite clear on this (see below).
Given the mounting controversy in Scotland over the deal, this could prove a formidable hurdle for bank executives to overcome in the weeks ahead.
The second is the possibility of a rival bid emerging for HBOS. Lloyds TSB has no significant share...
The full article contains 1130 words and appears in The Scotsman newspaper.
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Last Updated:
22 September 2008 12:18 AM
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Source:
The Scotsman
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Location:
Edinburgh
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Related Topics:
Bill Jamieson
,
Halifax Bank of Scotland
