News: Rock Building soars 42% on proposed merger

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Shares in The Rock Building Society Limited (ASX:ROK) soared 42 per cent yesterday announcing a proposed merger with lender MyState Financial.



Tasmania based MyState and Queensland based The Rock Building Society have inked a deal to merge via scheme of arrangement.



The all-share acquisition of The Rock Building Society values the company at around $68.3 million, which compares to MyState’s market value of $236 million.



Shares in The Rock Building Society soared 42 per cent yesterday, finishing the day at $2.62.



The Rock Building Society also yesterday posted a full year net profit of $4.9 million, slipping 4 per cent from the year before.