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BRIEF-TSB says received preliminary offer from Spain's Banco Sabadell
March 12, 2015 / 9:16 AM / 3 years ago

BRIEF-TSB says received preliminary offer from Spain's Banco Sabadell

March 12 (Reuters) - TSB Banking Group Plc :

* Statement re possible offer

* Boards of TSB and Banco De Sabadell SA note recent media speculation

* Confirms that it has received a preliminary proposal from Sabadell which may or may not result in a formal offer for entire share capital of company

* Board of TSB has indicated to Sabadell that it would be willing to recommend an offer at proposed price,

* Proposal is for 340 pence in cash per TSB share

* Making of any offer for TSB by Sabadell will be subject to completion of due diligence and Lloyds Banking Group Plc agreeing to enter into an irrevocable undertaking with sabadell in respect of its entire holding in TSB

* Sabadell expects to finance transaction on a capital neutral basis for Sabadell Group

* Board of TSB believes that Sabadell could support and accelerate TSB’s retail growth strategy and accelerate expansion of tsb’s presence in SME sector

* Sabadell expects that transaction will be broadly neutral to sabadell earnings in short term and enhancing to earnings in medium term

* Sabadell recognises achievement of TSB’s management and employees and would continue to operate TSB as a robust competitor in UK banking market, building on TSB brand name

* Citigroup and Rothschild are acting as financial advisers to TSB and Goldman Sachs is acting as financial adviser to Sabadell Source text for Eikon: Further company coverage: (Bengaluru Newsroom; +44 207 542 1810)

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