Linklaters, Allen & Overy (A&O) and Herbert Smith Freehills (HSF) have been instructed on a £1.7bn takeover approach for bank TSB by Spain's Banco de Sabadell.

TSB was spun off from Lloyds Banking Group last year before an initial public offering (IPO) valued the bank at around £1.3bn.

In an announcement to the stock exchange, TSB said its board would be willing to recommend the 340p per share offer from Sabadell, a 30% mark up on its float price.

HSF is acting for TSB, fielding a team led by senior partner James Palmer and corporate partner Mike Flockhart.

Linklaters is understood to have continued working with longstanding client Lloyds after advising on the TSB IPO, and is believed to have been instructed by Lloyds to advise on Sabadell's offer.

Corporate partner Matthew Bland, who led the firm's team on the IPO, is thought to be leading on the discussions.

Allen & Overy is understood to have been instructed by Sabadell. Its team is being led by corporate partner Richard Browne.

At the time of the TSB IPO, Freshfields Bruckhaus Deringer picked up a role advising the banks acting as underwriters, which included JPMorgan, UBS, Citi and Investec.

Meanwhile, vodka bar chain Revolution Bars announced the pricing on its IPO today. Macfarlanes is acting as lead adviser on the 200p per share listing, which values the company at £100m.

Harry Coghill, corporate and M&A partner at Macfarlanes, is heading the firm's team supported by fellow corporate and M&A partner Simon Perry.