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.