NBNK Makes New Offer For 632 Lloyds Bank Branches

Law360, New York (April 12, 2012, 2:56 PM EDT) -- NBNK Investments PLC made a new play Thursday to acquire Lloyds Banking Group PLC’s 632 U.K. branches, offering to underwrite the asset package so Lloyds shareholders would have the option of a cash payment or stock in the new retail bank NBNK aims to create.

The “alternative demerger structure” would be cheaper for Lloyds than spinning off its banking business as an independently listed entity, NBNK argued in a statement issued Thursday.

"NBNK offers none of the downsides to Lloyds of a stand-alone IPO,” NBNK Chairman...
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