Pioneer agrees to offer from BOQ

Pioneer Permanent Building Society said it would accept an offer of $4.78 a share for Pioneer from Bank of Queensland. The offer values the target at $49.6 million. Pioneer's shareholders may elect to take the offer in cash, shares or any mix of their choice. The bank's offer exceeds an offer of $4.75 a share from First Mac for a 14.9 per cent stake in Pioneer Permanent Building Society and a cash offer for all Pioneer shares from Wide Bay Capricorn of $4.55. Bundaberg-based Wide Bay, the second-largest building society in Queensland, started the bidding for Mackay-based Pioneer at $4.32 a share in late July.