BoQ to acquire MacKay

The board of the MacKay Building Society has unanimously voted in favour of a takeover proposal for the Bank of Queensland. The offer is worth $53.2 million, 15.7 per cent higher than a previous bid for MacKay by Wide Bay Building Society. The BoQ offer would give shareholders $8.25 per Mackay share or 0.5 BoQ shares per MacKay share. A spokesperson for the bank said that the merger would further strengthen BoQ's growing presence in north Queensland following its merger with MacKay-based Pioneer Permanent Building Society last year.

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