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Bendigo Bank confirms conditional merger proposal received from Bank of Queensland

19 March 2007 |Media centre

Bendigo Bank Limited confirms that it has today received a conditional proposal for a merger from Bank of Queensland Limited. Bank of Queensland proposes the merger would be effected through a scheme of arrangement in Bendigo Bank. Bank of Queensland has informed Bendigo Bank that it would require the unequivocal support by the Bendigo Bank Board for the proposal. Under the proposal, Bendigo Bank shareholders would receive 0.748 Bank of Queensland shares and $5.50 cash for each Bendigo Bank share.

Bank of Queensland is seeking the cooperation of Bendigo Bank to agree and implement the merger. Bendigo Bank’s Board is currently considering whether the merger proposal is in the best interests of shareholders and will make a recommendation as soon as practicable.

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