Capricornia Credit Union spurns offer from Mackay

Mackay Permanent Building Society said it would push ahead with a hostile offer to members of Capricornia Credit Union, based in the nearby city of Rockhampton. MPBS won’t say what its offer is, however, and Capricornia says there is no offer. Capricornia rejected an earlier offer made in June 2004. MPBS has now won an order from the Australian Securities and Investments Commission to mail the mysterious offer directly to members of the credit union. The credit union say they will appeal the ASCI order in the Administrative Appeals Tribunal, as it would give MPBS access to their list of members and customers.