Clifford Chance
Lloyds Bank Shareholders Not Misled Over HBOS Takeover
18 November 2019
English courts have shown their customary reluctance to reassess retrospectively commercial decisions in finding that it was not unreasonable for Lloyds Bank's directors to recommend the Bank's takeover of HBOS during the financial crisis. The Bank's circular to shareholders should have mentioned a couple of additional matters, but their omission did not affect the outcome of the shareholders' vote.
