BOQ set to buy Mackay Permanent
(14 August 2007 – Australia) A week after Bendigo Bank’s announcement that it is merging with Adelaide Bank, Bank of Queensland has said it is set to buy Mackay Permanent Building Society for A$53.3 million.
Mackay’s board has recommended that its shareholders accept the deal for BOQ’s takeover of its business which has 21,000 member accounts, 12 branches and total assets of A$371 million.
Mackay said it had another offer on the table – from Wide Bay Australia – but BOQ’s proposal offered the best opportunity for growth.
BOQ, whose offer for Bendigo was recently turned down, said the merger proposal would strengthen its footprint in central and northern Queensland.
BOQ managing director David Liddy said the region was one of the strongest economies in Australia and the bank intended being a major partner in the future growth of the region.
BOQ has offered A$8.25 a share.
Mackay said it had another offer on the table – from Wide Bay Australia – but BOQ’s proposal offered the best opportunity for growth.
BOQ, whose offer for Bendigo was recently turned down, said the merger proposal would strengthen its footprint in central and northern Queensland.
BOQ managing director David Liddy said the region was one of the strongest economies in Australia and the bank intended being a major partner in the future growth of the region.
BOQ has offered A$8.25 a share.
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