Business Services Industry
BankWest board gives nod to low HBOS bid.
Australasian Business Intelligence, June, 2003
Jun 12, 2003 (The Sydney Morning Herald - ABIX via COMTEX)
A takeover offer for the Bank of Western Australia (BankWest) has been endorsed by the bank's independent directors. On 12 June 2003, the directors recommended that, in the absence of a higher offer, shareholders should accept the $A4.25-a-share cash offer from UK-based HBOS, despite it being at the lower end of an independent valuation of $A4.20 to $A4.70 a share. HBOS already owns 57 of BankWest. Directors are keen for the merger with HBOS to proceed in order to stop the company's share price from declining further as a result of ongoing uncertainty over the bank's ownership; because of concerns about the quality of the bank's assets; and because of the absence of a better deal.
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