Bendigo bids $140 million for First Australian
Bendigo Bank has made a scrip for scrip bid for Queensland-based First Australian Building So-ciety valuing First Australian at $140 million.
Bendigo Bank has made a scrip for scrip bid for Queensland-based First Australian Building So-ciety valuing First Australian at $140 million.
First Australian’s board of directors says it will recommend that shareholders accept the offer of one Bendigo Bank share for every two First Australian shares announced this morning.
Bendigo Bank says the merger will create one of the country's strongest regional financial insti-tutions.
The merged entity would have funds under management in excess of $7 billion, more than half a million customers, and a combined branch network of 154, mainly in regional and metropolitan Victoria and Queensland.
Ratings agency Standard & Poor's says the move will enhance Bendigo’s geographic diversity, but says there are integration and operating risks associated with the acquisition of First Austra-lian.
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