LONDON Lloyds TSB Group PLC, the fourth-largest U.K. banking company, is taking its $27 billion takeover bid for Abbey National PLC to Abbeys shareholders.
On Wednesday, Lloyds said it is calling on the shareholders to press Abbey to begin negotiations on the offer. Abbey, the second-largest U.K. mortgage lender, rejected the bid Tuesday.
Lloyds has published details of its sweetened offer, which investors said is a sign the company may be edging closer to making a hostile offer. The London banking company has also said it wants the shareholders to support its bid rather than Abbeys pursuit of a merger with Bank of Scotland.
Lloyds has offered 1.5 of its shares plus cash for each Abbey share in a deal valued at 11% more than Abbeys current market value and 34% more than its market value on Nov. 2, the day before it approached Bank of Scotland about a deal.