Business Services Industry
HSBC Holdings Pays Low Price for Prospect Heights, Ill.-Based Consumer Banker.
Knight Ridder/Tribune Business News, November, 2002
By Andrew Countryman, Chicago Tribune Knight Ridder/Tribune Business News
Nov. 15--HSBC Holdings' $14 billion agreement to acquire Household International Inc. may be the biggest financial services deal in months, but by most any measure, analysts said, it's a bargain.
With Prospect Heights-based Household mired in concerns about access to capital and risks in the subprime lending market--loans to people with less-than-pristine credit--its shares have been under pressure of late, falling from above $63 in April to a nearly seven-year low of $20 earlier this month.
While HSBC's offer Thursday of just over $30 a share represented a 34 percent premium over Household's closing price of $22.46 on Wednesday--shares shot up 22 percent...
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