Both management teams can now concentrate on finalizing the scheme documentation in preparation for the vote.
Both organizations have worked co-operatively and constructively to complete this due diligence. This process has looked at all parts of the respective businesses – including impacts of the recent volatility in global credit markets. Adelaide Bank remains confident in the strength of our business model and together with Bendigo Bank we continue to monitor the situation. We look forward to putting this merger proposal to our shareholders for their approval, said Jamie McPhee, managing director at Adelaide Bank.
Bendigo Bank managing director Rob Hunt added: The merger of Adelaide Bank and Bendigo Bank will create a financial services business that is well placed to compete and prosper in the Australian market place.
The scheme documentation is expected to be sent to Adelaide Bank shareholders in October 2007, with a scheme meeting and final court hearing scheduled for November 2007.
