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Is there a counter bid on the way for HBOS?

It has been revealed that plans for a counter bid for HBOS are well underway with leading Scots financier Jim Spowart apparently the man chosen to head the consortium bid if it ever gets off the ground. The Scottish government has become involved and Scottish secretary Jim Murphy is believed to be in talks about a possible second bid for the bank.

While the government has been very vocal in its support of the Lloyds TSB bid it seems that behind-the-scenes they are more than willing to listen to any counter offers. Many people involved in this saga seem to have very short memories when you consider that HBOS would have been under government control by now had Lloyds TSB not stepped in.

Those at Lloyds TSB must literally be tearing their hair out as this saga has dragged on and on until we reach this stage which could eventually mean an even longer timescale before the whole situation is concluded. There have been rumours that the merger terms include a substantial payoff to Lloyds TSB should the merger be blocked or not go ahead for ant reason although the detailed terms have yet to be revealed to the public.

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