Banks merger to proceed
NZPA Melbourne The ANZ Banking Group, Ltd, and the Bank of Adelaide, Ltd, have agreed on the terms of a merger. A statement by ANZ chairman (Sir lan McLennan) and Bank of Adelaide chairman (Sir Arthur Rym- ' ill) said it was proposed to consummate the merger of the two banks, which was proposed on May 22. The proposal was for ANZ to acquire all the issued capital of the Bank of Adelaide. Bank of Adelaide shareholders are now offered 15 ANZ shares for every 44 Bank of Adelaide shares. This change from the original ANZ offer, of 3 for 11 Bank of Adelaide shares, was made after taking into account the proposed ANZ capitalisation issue of 1 for 4. The merger is still subject to approval by shareholders, the S.A. Supreme Court, and Federal Government.
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Press, 13 June 1979, Page 23
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139Banks merger to proceed Press, 13 June 1979, Page 23
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