TSB takeover approach

Paul_1977

http://news.sky.com/story/1448854/tsb-takeover-by-sabadell-moves-a-step-closer

TSB is recommending its shareholders accept a Spanish takeover of the bank, with Lloyds confirming it has agreed a price for its remaining stake.

The announcements clear the way for a deal, first reported by Sky News last week, which will value TSB at £1.7bn as Banco Sabadell will pay 340p-per-share though it remains subject to regulatory clearance.

It means investors who bought the stock at the offer price of 260p when TSB floated nine months ago will receive a 31% premium.

poggs

My main account is with TSB (got a halifax one for the fiver as well). Been with the TSB since 1988 through all that lloyds stuff.

Quite sad about this. I really liked the idea of it being a small independant bank. Now its going to be owned by the spanish all its profits will go offshore and it'll lose its identity.

Time to jump for me. Think I'll go to the clydedale. Its getting floated soon so it'll be the new small player.

Archi_Bald

poggs wrote: »

all its profits will go offshore and it'll lose its identity.
.

How do you conclude that?

poggs wrote: »

Time to jump for me. Think I'll go to the clydedale. Its getting floated soon so it'll be the new small player.

And how do you conclude that it will be a small player? None of us has any idea who will buy them. It could be a spanish bank, lol.

Nothing wrong with spanish banks, btw. The world is a village these days.

Trillain

Radiantsoul wrote: »

I did wonder that, as the deal will likely go through before the year has elapsed I guess we are not going to get the extra 5%.

Lloyds have said they will honour this, from the evening standard...'Lloyds has committed to pay private investors in TSB the equivalent of the bonus shares they would have received in June if the deal had not been completed, costing it around £4 million'
:beer:

Paul_1977

Trillain wrote: »

Lloyds have said they will honour this, from the evening standard...'Lloyds has committed to pay private investors in TSB the equivalent of the bonus shares they would have received in June if the deal had not been completed, costing it around £4 million'
:beer:

That's great news.:j:j:j

planteria

colsten wrote: »

Seems you missed the TSB float last June. http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10913722/TSB-shares-soar-on-debut.html

sorry, what i meant was sell out completely to another bank rather than look to float off their remaining stake.

colsten

planteria wrote: »

sorry, what i meant was sell out completely to another bank rather than look to float off their remaining stake.

You said on 13-03-2015:

planteria wrote: »

Lloyds would rather sell TSB than float it off as a UK plc, that is clear

Neither what you said the other day nor what you say now was ever an option for Lloyds. How could a shareholder "float off" a part of a company?

jonesMUFCforever

Lloyds will get an extra £150 million through the takeover so giving £4 million to smooth the thing through is chickenfeed to them.

Paul_1977

TSB’s new owner Banco Sabadell hopes to use its entry into the UK banking market to support small and medium-sized enterprises’ exports, according to the Spanish group’s chairman.
‘We have an international network,’ said Josep Oliu this weekend. ‘Spanish small companies use our services abroad in establishing positions in those markets. That’s been one of the most important aspects in helping SMEs.’
The commitment echoes the strategy of Spanish-owned Santander in the UK, and is likely to be welcomed by politicians.


Read more: http://www.thisismoney.co.uk/money/news/article-3005749/TSB-s-new-owner-Banco-Sabadell-pledges-support-small-firms.html#ixzz3V7FZ1lV6
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Looks good.

jonesMUFCforever

It's theirs to ruin isn't it?
A debt free bank must be unique in the world.