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[UK] HBOS - Retail Banking, Financial Services

2008-09-17

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stories: reuters.com, co.uk

Reuters reports Lloyd's TSB, Britain's 5th largest bank, will announce Thursday it is buying home lender HBOS Plc. From the Telegraph:

"The two banks last night agreed to merge to create a 28bn giant in a deal that will value each HBOS share at 232p, a 58pc premium to yesterday's close of 147.1p. Lloyds will pay for HBOS using its own shares and its management will lead the enlarged group."

HBOS is Britain's largest home lender. Over the past six days, HBOS shares dropped more than 50% and regulators feared a run on the bank. "Talks were encouraged by both the Treasury and UK regulator the Financial Services Authority," Reuters reported.

Due to the severe drop in market cap, we are provisionally considering HBOS an implode. Of course, operations are continuing, as this was a takeover and not a shutdown.


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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.