Bendigo rejects BOQ proposal
(24 April 2007 – Australia) Bendigo Bank has turned down Bank of Queensland’s A$2.5 billion takeover offer.
Bendigo said the proposal from BOQ did not "provide sufficient value and certainty for Bendigo Bank shareholders".
The bank said the proposal also involved significant risks in integrating the two entities both physically and culturally.
"The Bendigo Bank board has concluded that the Bank of Queensland proposal is not in shareholders’ best interests," Bendigo said in a statement.
Bendigo chairman Robert Johanson said the bank had excellent prospects "on a stand alone basis".
"Bendigo Bank’s strong prospects are based on our close relationships with customers and other stakeholders, a unique business model, the quality of the Bendigo Bank brand, the support and engagement of our staff and an extensive customer base," he said.
"In the board’s view the value under the Bank of Queensland proposal is neither certain nor compelling," Johanson said.
The bank said the proposal also involved significant risks in integrating the two entities both physically and culturally.
"The Bendigo Bank board has concluded that the Bank of Queensland proposal is not in shareholders’ best interests," Bendigo said in a statement.
Bendigo chairman Robert Johanson said the bank had excellent prospects "on a stand alone basis".
"Bendigo Bank’s strong prospects are based on our close relationships with customers and other stakeholders, a unique business model, the quality of the Bendigo Bank brand, the support and engagement of our staff and an extensive customer base," he said.
"In the board’s view the value under the Bank of Queensland proposal is neither certain nor compelling," Johanson said.
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