Bendigo Bank warns an 'opportunistic' share offer

Bendigo Bank today warned its 51,000 shareholders they may receive a letter from Share Buying Group Pty Ltd, or others, offering to buy their shares at a price below the current market value.

Bank spokesman Owen Davies said letters currently circulating were offering to purchase Bendigo Bank shares at $10.00 each.

Bendigo Bank shares closed trading today at $16.84.

“This offer appears to be opportunistic,” said bank spokesman Owen Davies. “This offer is significantly under the current market value of Bendigo Bank shares.

“Our shareholders would be aware that we are considering a conditional merger proposal from Bank of Queensland, and there is potential for shareholders receiving this offer to be confused.

“We would urge our shareholders to seek independent financial advice and to check the current price of Bendigo Bank shares before taking any action in response to an unsolicited offer for their shares.”