TSB says si to Banco Sabadell takeover bid

The bank only broke free of Lloyds nine months ago.

by Rachel Savage

It seems TSB can’t get enough of the warm bosom of a bigger parent. Just nine months after being hived off from Lloyds in an IPO, the bank said this morning that it was in takeover talks with mid-size Spanish lender Banco Sabadell.

The 340p-a-share offer would value TSB at £1.7bn, 28.5% above the 264.5p its shares closed at on Wednesday. Shares shot up accordingly this morning, soaring more than 26% to 333p.

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