BankWest board backs HBOS offer

The board of the Bank of Western Australia has given its approval to a takeover bid from UK-based HBOS. An implementation agreement was signed on June 12 by BankWest directors and HBOS which already has a 57 per cent stake in the bank. The agreement prohibits BankWest from seeking higher offers, although directors may consider them, but does not lock HBOS in to proceeding with the acquisition.

Advertisement