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Confirming earlier rumors, Spain's Banco Santander SA said July 14 that it reached an agreement with Britain's Alliance & Leicester Plc to acquire the company for £1.26 billion in an all-stock deal.
Under the terms of the deal, Alliance & Leicester shareholders will receive one Santander share for every three Alliance & Leicester shares they own. Prior to the deal, however, Alliance & Leicester plans to declare an interim cash dividend of 18 British pence per share.
Based on Santander's July 11 closing price of [euro]11.23, the deal consideration values each Alliance & Leicester share at £2.99, marking a 36.4%...