Bank of Queensland (ASX:BOQ) today acknowledged and welcomed Bendigo Bank’s response to a merger proposal through a Scheme of Arrangement.
Bendigo Bank said today in an ASX announcement it would engage with Bank of Queensland to obtain more detail about its proposal and to evaluate whether it is in the best interests of Bendigo Bank’s shareholders.
Bank of Queensland Managing Director, Mr David Liddy said Bank of Queensland would work closely with the Bendigo Bank Board to bring the merger to fruition providing the best result for both sets of shareholders.
“This merger is important for the future of banking, particularly regional banking, in Australia. It’s about recognising the changing landscape of the Australian financial services sector, and working together to be a more effective force and an alternative for the Australian public.
“We see this transaction as a clear opportunity for two of the top regional banks to come together as a merged entity to create Australia’s ‘big small bank’ and ensure the sustainability of regional banking services in Australia,” Mr Liddy said.
Under the merger proposal Bendigo Bank shareholders will receive 0.748 Bank of Queensland shares and A$5.50 cash for each Bendigo Bank share.
Bank of Queensland will keep the market fully informed as we work towards a negotiated merger implementation agreement in the coming weeks.