BankWest directors greenlight HBOS buyout
(Australia) Independent directors of BankWest have given unanimous support to HBOS’s offer to buy up all shares in the bank held by minority shareholders.
The decision to support the HBOS bid was made after directors read the Independent Expert’s report, prepared by PricewaterhouseCoopers, which assessed that a fair value per share would be in the range of $4.20 to $4.70 for full control of BankWest.
BankWest chairman Ian Mackenzie said the directors had considered the implications of rejecting the HBOS offer as well as the fact that no alternative proposal had been put on the table.
'On this basis we have recommended that minority shareholders support the proposal," MacKenzie said.
"Each of the Independent Directors intends to vote in favour of the resolutions in relation to all shares and options held and controlled by them,' he said.
BankWest chairman Ian Mackenzie said the directors had considered the implications of rejecting the HBOS offer as well as the fact that no alternative proposal had been put on the table.
'On this basis we have recommended that minority shareholders support the proposal," MacKenzie said.
"Each of the Independent Directors intends to vote in favour of the resolutions in relation to all shares and options held and controlled by them,' he said.
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