Adelaide Bank and Bendigo Bank announce completion of due diligence

The Boards of Adelaide Bank and Bendigo Bank have announced that their respective post announcement due diligence inquiries have been concluded satisfactorily. The announcement means the timetable remains on track for Adelaide Bank shareholders to vote on the proposed merger between the two companies in November.

Adelaide Bank Group Managing Director Jamie McPhee said both management teams could now concentrate on finalising the scheme documentation to allow the vote to occur.

“Both organisations have worked cooperatively and constructively to complete this due diligence. This process has looked at all parts of the respective businesses – including impacts of the recent volatility in global credit markets. Adelaide Bank remains confident in the strength of our business model and together with Bendigo Bank we continue to monitor the situation. We look forward to putting this merger proposal to our shareholders for their approval,” he said.

Bendigo Bank Managing Director Rob Hunt said the conclusion of due diligence was an important step in the merger process.

“The merger of Adelaide Bank and Bendigo Bank will create a financial services business that is well placed to compete and prosper in the Australian market place,” he said.

It is expected that scheme documentation will be sent to Adelaide Bank shareholders in October 2007, with a Scheme Meeting and final court hearing in November 2007.

Shareholder Information
Further information on the merger proposal will be lodged with the ASX and published on the Adelaide Bank and Bendigo Bank websites.

Further information for Adelaide Bank shareholders is available on the following number: 1800 211 826 (free call) or +612 8986 9354 (overseas callers).

Further information for Bendigo Bank shareholders is available on the following number: 1300 361 911.