Westpac's US$17.6bn St George Bid, Still Not Enough?

May 2008 | M&A News Alert

Westpac banking Corp Ltd , currently engaged in the largest ever banking takeover in Australia's history with its US$17.6bn bid for St George Bank , has not ruled out the possibility that it may have to raise its offer, amid constant rumours of alternative buyers. In a statement on Sunday Westpac claimed it reserved "the right to review its offer if it considers that circumstances warrant this". The current deal, offering 1.31 Westpac shares for each St George share, was accepted by the St George board on Tuesday, but it remains conditional on the absence of a higher offer, and speculation abounds that one of the other 'big four' Australian banks may make a new bid.

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