Bankers refuse to back down over HBOS takeover
Two former bank chiefs hoping to derail Lloyds TSB’s takeover of HBOS refused to back down today despite Gordon Brown’s dismissal of their calls for the bank to stay independent.
Peter Burt and George Mathewson said they remained committed to their campaign to force out the bank’s chairman and chief executive and keep HBOS as a stand-alone bank.
The British prime minister said yesterday that Lloyds was the only “serious” bidder and shareholders had only one “realistic” option on the table.
His comments came in response to further pressure from the two senior bankers and after reports suggested Bank of China was in early talks over backing a rival offer.
But Mathewson and Burt said the lack of any alternative bid had left investors without any “transparency and debate” on the future of HBOS.
Instead, they are proposing to take over at the top of HBOS and re-evaluate the situation.
