Bank of Queensland Limited today announced that it does not intend to increase its offer for Mackay Permanent Building Society Limited (MPB).
BOQ has offered cash of $8.25 or a scrip alternative of 0.5 BOQ shares for each MPB share, in each case together with a $1.00 fully franked dividend from MPB, under a scheme of arrangement.
On 14 November 2007, Wide Bay Australia Limited (WBB) increased the scrip consideration it had offered under its conditional takeover bid. On Friday, November 16 2007, the MPB board announced that it had withdrawn its recommendation that MPB shareholders vote in favour of BOQ's merger proposal.
"BOQ takes a disciplined approach to its acquisition activity," Managing Director David Liddy said today.
"We put forward an attractive offer which delivered benefits to the shareholders of both BOQ and MPB and reflected the value of MPB to the BOQ group. We see no benefit to our shareholders of now increasing that offer."