SGB/WBC revised and approved
(9 September 2008 – Australia) Westpac and St George banks have announced a revised merger proposal involving a higher dividend, which has received both St George board and independent expert support.
While the merger exchange ratio stays at 1.31 Westpac shares for each St George share, the total dividend value will now be A$1.25 per share.
In the revised deal, St George shareholders will receive an extra 28 cents per St George share in dividend from a combination of final and special dividends.
The revised merger proposal also includes a package of measures to increase the certainty of completion of the transaction and accelerate merger benefits.
Grant Samuel, the independent expert looking over the merger has confirmed that the Westpac offer is fair and reasonable and is in the best interests of St George shareholders.
Westpac chairman, Ted Evans said that the revised proposal will ensure that the banks realise merger benefits more quickly and work closely together to optimise customer retention.
Evans also said that the banks have agreed to a number of measures to accelerate integration and transition planning.
Enhanced cooperation is set to bring forward the realisation of merger benefits and minimise integration risk, including optimising customer retention, he concluded.
The revised proposal also includes a A$100 million break fee that St George must pay if the St George boards advises against the proposed merger.
In the revised deal, St George shareholders will receive an extra 28 cents per St George share in dividend from a combination of final and special dividends.
The revised merger proposal also includes a package of measures to increase the certainty of completion of the transaction and accelerate merger benefits.
Grant Samuel, the independent expert looking over the merger has confirmed that the Westpac offer is fair and reasonable and is in the best interests of St George shareholders.
Westpac chairman, Ted Evans said that the revised proposal will ensure that the banks realise merger benefits more quickly and work closely together to optimise customer retention.
Evans also said that the banks have agreed to a number of measures to accelerate integration and transition planning.
Enhanced cooperation is set to bring forward the realisation of merger benefits and minimise integration risk, including optimising customer retention, he concluded.
The revised proposal also includes a A$100 million break fee that St George must pay if the St George boards advises against the proposed merger.
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