0834 [Dow Jones] Westpac (WBC.AU) to offer St. George (SGB.AU) shareholders 1.31 of its shares for each SGB share, a person familiar with the situation tells Dow Jones. Offer equates to A$19.09 billion, or a 28% premium of A$34.02 a share based on Friday's closing price of group's fully paid ordinary shares. That number looks at the higher end of market expectations, had been talk yesterday of a 20%-25% premium, so could be further gains in store for sector today. Deal has been signed off, source says, St. George board to recommend deal. Question now is whether deal can get approval from regulators and Treasurer Wayne Swan, who has said he'll be having a close look at any deal. SGB shares last at A$26.65, Westpac A$25.97, shares likely to come on again this morning. (LMF)
ASX Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)