Tonight:
4°c
Scots duo give up on plan for HBOS bid
21 Nov 2008
Scottish banking grandees Sir Peter Burt and Sir George Mathewson today formally withdrew their bid plans for HBOS.
The duo were incensed that HBOS is being taken over by Lloyds TSB for a fraction of what it was worth in recent months and had claimed they could make the bank a success independently.
They said their bid had been scotched by Chancellor Alistair Darling's hint that the government would only provide taxpayer money to an alternative bid on less favourable terms than those offered to HBOS/Lloyds TSB.
They made further parting shots at the HBOS management for not fighting for a better price.
