TSB takeover approach

Be_Happy

Just read that Spanish bank Sabadell have made a preliminary takeover approach to TSB and TSB board would like to accept.

Have been really pleased with TSB current account and customer service so far, so hope nothing alters.

Gers

Be_Happy wrote: »

Just read that Spanish bank Sabadell have made a preliminary takeover approach to TSB and TSB board would like to accept.

Have been really pleased with TSB current account and customer service so far, so hope nothing alters.

http://www.bbc.co.uk/news/business-31848517

veryintrigued

I subscribe to the Lloyds Banking Group email alert service for major share holding changes and today I received the email below.

Am intrigued (very) why the Lloyds group would send this out about the now completely separate TSB group.

POSSIBLE OFFER FOR TSB BANKING GROUP PLC
Lloyds Banking Group plc (the Group) notes the announcement by TSB Banking Group plc and Banco de Sabadell, S.A. in relation to a possible cash offer by Banco de Sabadell, S.A. for the TSB Banking Group plc at 340p per share. The Group also notes that the Board of TSB Banking Group plc would be willing to recommend an offer at this price, subject to reaching agreement on the other terms and conditions of any offer. The Group is in discussion with Banco de Sabadell, S.A. regarding the terms of an irrevocable agreement and would be minded to accept an offer at this price if it is made, subject to reaching a satisfactory conclusion on the terms above.

There can be no guarantee that an offer will ultimately be forthcoming. The Group will make a further announcement in due course, as appropriate.

- END -

OllyM

veryintrigued wrote: »

Am intrigued (very) why the Lloyds group they would send this out about the now completely separete TSB group.

Because they still own 50% of TSB at the moment?

veryintrigued

OllyM wrote: »

Because they still own 50% of TSB at the moment?

Thank you - I didnt know that!

Paul_1977

I know nothing about how business works, what happens to the shares if they buy TSB, I have a grand worth.

callum9999

Paul_1977 wrote: »

I know nothing about how business works, what happens to the shares if they buy TSB, I have a grand worth.

You'll get given £3.40 for each TSB share you have then you'll have nothing to do with them any more.

Depending on what you mean by "I have a grand worth" (the prices constantly vary - when were they worth a grand?), you'll probably find you get something like £1300.

Paul_1977

callum9999 wrote: »

You'll get given £3.40 for each TSB share you have then you'll have nothing to do with them any more.

Depending on what you mean by "I have a grand worth" (the prices constantly vary - when were they worth a grand?), you'll probably find you get something like £1300.

I bought them I think it was last year when they were first sold by Lloyds.

Thanks for the info.

Paul_1977

It appears they like to rebrand like Santander did after a time, so it looks as if the TSB brand will be short lived.

colsten

Paul_1977 wrote: »

I know nothing about how business works, what happens to the shares if they buy TSB, I have a grand worth.

They may offer to buy you out, or, more likely, will offer you Sabadell UK shares, at a premium over the TSB shares. As a shareholder, you will in due course receive details about the deal if it goes ahead.

callum9999

colsten wrote: »

They may offer to buy you out, or, more likely, will offer you Sabadell UK shares, at a premium over the TSB shares. As a shareholder, you will in due course receive details about the deal if it goes ahead.

It says it's a cash offer. Obviously they haven't actually made the offer yet so could change it, but if they make the offer as it stands then could they really offer to pay it in shares? I thought everyone in the buy out has to get the same offer - so if the accepted offer is for cash, that's what everyone gets?

But I'm well away from being an expert in this, so you could quite easily know much more than me!