Peter Burt, who led HBOS predecessor Bank of Scotland plc, and George Mathewson, former chairman and CEO of Royal Bank of Scotland Group plc, wrote to the board of Edinburgh, Scotland-based HBOS Friday to demand that it abandons the takeover by the London bank, and install themselves as chairman and CEO.
HBOS Sunday rejected the proposal, saying the duo hadn't offered any concrete alternative to the takeover.
"Nor do you set out a value proposition for shareholders, or address how your idea would provide certainty or stability for HBOS and its shareholders and customers," HBOS added. "You provide no assurance as regards the terms on which HMG would be prepared to recapitalize HBOS standalone under your leadership." - Laura Board
