5th UPDATE: A&L Jumps On GBP1.26 Billion Offer From Santander
http://www.nasdaq.com/aspxcontent/NewsStory.aspx?c [2008-7-15]
Tag : High Shrink Ratio
Spain's Banco Santander SA (STD) confirmedMonday that it's offering GBP1.26 billion to acquire U.K. lenderAlliance & Leicester PLC ( AL.LN).
The Santander announcement came late morning after A&L said ithad received an offer at 299 pence a share, in addition to theexisting shareholders' right to receive an interim dividend of 18pence a share, making the total 317 pence a share, or nearly 45%above Friday's closing price of 219 pence.
Santander said it's offering one of its own shares for threeA&L shares. It said the combined business would have 959branches, representing a U.K. market share of 7.6%, and that themove would give it a combined market share of more than 8% in U.K.savings and unsecured personal loans.
Santander, the euro-zone's biggest bank by market capitalization,was reported to be in talks with A&L in late 2007 and early in2008, but these broke down due to disagreements over price. InDecember and January, A&L shares were trading between 670 penceand 815 pence a share, the latter being the highest point in theyear-to-date.
As owner of Abbey National, which it bought in November 2004,Santander is one of the U.K.'s six largest lenders. Santander said Monday it wants to integrate A&L and Abbey, withthe purpose of reaching critical mass in the U.K. Previously,Santander executives have said they want to increase Abbey's marketshare in corporate and consumer credit in the U.K. to make the bankless skewed towards mortgage lending.
Lehman Brothers analysts said in a note that "any buyer is likelyto be unopposed ... given the nature of capital markets."
Spain's Banco Santander SA (STD) confirmedMonday that it's offering GBP1.26 billion to acquire U.K. lenderAlliance & Leicester PLC ( AL.LN).
The Santander announcement came late morning after A&L said ithad received an offer at 299 pence a share, in addition to theexisting shareholders' right to receive an interim dividend of 18pence a share, making the total 317 pence a share, or nearly 45%above Friday's closing price of 219 pence.
Santander said it's offering one of its own shares for threeA&L shares. It said the combined business would have 959branches, representing a U.K. market share of 7.6%, and that themove would give it a combined market share of more than 8% in U.K.savings and unsecured personal loans.
Santander, the euro-zone's biggest bank by market capitalization,was reported to be in talks with A&L in late 2007 and early in2008, but these broke down due to disagreements over price. InDecember and January, A&L shares were trading between 670 penceand 815 pence a share, the latter being the highest point in theyear-to-date.
As owner of Abbey National, which it bought in November 2004,Santander is one of the U.K.'s six largest lenders. Santander said Monday it wants to integrate A&L and Abbey, withthe purpose of reaching critical mass in the U.K. Previously,Santander executives have said they want to increase Abbey's marketshare in corporate and consumer credit in the U.K. to make the bankless skewed towards mortgage lending.
Lehman Brothers analysts said in a note that "any buyer is likelyto be unopposed ... given the nature of capital markets."
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