Lloyds TSB shareholders approve HBOS acquisition

Following the shareholder meeting in Glasgow, Lloyds TSB shareholders have approved the proposed acquisition of HBOS. In addition to the acquisition, shareholders voted on a number of resolutions, including the bank's capital raising plans and the Placing and Open Offer. All resolutions were approved by a significant majority.

The Placing and Open Offer allows existing shareholders to buy new shares in the company pro rata to their existing holdings on a certain date at a fixed price of 173.3 pence per Open Offer Share. Eligible shareholders will receive an Application Form to purchase shares which is expected to be sent to shareholders on 12 December.

The next step in the acquisition of HBOS will be approval of HBOS shareholders and Court approval, which are due to take place on the 12 December. Following such approval the proposed transaction can proceed subject to other relevant regulatory approvals.