BoQ pulls out of Mackay but still wants Home

The Bank of Queensland has decided not to proceed with its bid for Mackay Permanent Building Society. The $53.2 million offer had been recommended by Mackay Permanent's board until Wide Bay Australia increased it's counter-offer to $68 million on Monday, with a shareholder vote on the competing offers only days away. BoQ's managing director, David Liddy, said that the bank takes a disciplined approach to acquisition activity and that it could see no benefit in increasing the offer further. A BoQ offer of $600 million for West Australian based Home Building Society has the recommendation of Home's board.