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Legal challenge to block Lloyds TSB and HBOS merger

There has been a new development in the Lloyds TSB and HBOS merger with a group of businessmen set to mount a legal challenge to try and block the merger. The group of Scottish businessmen have made public their plans to block the merger although it is not clear on what grounds and whether it will ultimately be successful.

This is just the latest setback in a saga which has now gone for a number of months and looks set to continue for some time yet. However, Lloyds TSB are certain that the legal challenge will not delay the timetable for the offer and the expected acceptance. It does however again highlight the role of the UK government in the takeover and what many see as a change in the circumstances in favour of the earlier Lloyds TSB bid.

While the UK takeovers and mergers panel have already ruled on the terms and conditions for the takeover of HBOS there is no certainty that a legal challenge could not be successful. It does however put at risk the long-term future of HBOS and the uncertainty surrounding the company has not been helpful over the last few months.

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