Under the terms of the proposal, to be implemented via a scheme of arrangement, Home shareholders will receive 0.844 new Bank of Queensland (BOQ) shares and A$2.80 cash for each Home share they own.
Home Chairman Tony Howarth said: BOQ’s offer provides Home shareholders with the opportunity to be part of an Australian banking success story when it comes to growth, both in value and in the business itself. We have a shared vision of being a genuine alternative to the big banks and by joining with BOQ we can be an even more competitive force in the west Australian banking sector.
The scheme of arrangement is expected to be implemented by January 2008.
