Building society Mackay Permanent (MPB) directors have rejected Wide Bay Australia's (Wide Bay) takeover bid, instead urging shareholders to vote for the Bank of Queensland's (BOQ) merger proposal.
In a statement released to the Australian Securities Exchange, MPB directors recommended shareholders vote for BOQ on November 21.
Wide Bay launched a $52.6 million takeover bid for MPB on October 29, offering shareholders a choice of $9.40 per share or 0.65 Wide Bay shares plus $1 cash.
An earlier offer 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 represented the best opportunity for growth.
The cash consideration from BOQ was $8.25 per MPB share, or 0.5 BOQ shares per MPB share.
