Mackay Permanent (MPB) shareholders have been encouraged to take no action in relation to the latest Wide Bay Australia takeover bid for the building society.
Wide Bay launched its $52.6 million takeover bid for MPB on Monday, offering shareholders a choice of $9.40 per share or 0.65 Wide Bay shares plus $1 cash.
Its earlier offer, made in July, offered a cash price of $8 per share.
In August, MPB recommended shareholders accept a $53.2 million offer from the Bank of Queensland (BOQ) which MPB chairman Richard Wallace said (at the time) represented “the best opportunity for growth for Mackay Permanent’s shareholders and other stakeholders in a larger entity which has proved to be a strong market performer”.
The cash consideration from BOQ was $8.25 per MPB share, or 0.5 BOQ shares per MPB share.
Wide Bay’s latest offer period is expected to begin on November 12 and end on December 12 unless extended by Wide Bay.
Wallace said the board was considering the bidder’s statement and would respond to shareholders in due course.
MPB’s share price has risen steadily throughout the takeover bidding and closed at $10.69 on Tuesday.
