Bendigo-Suncorp bank deal a 'commercially realistic' alternative to ANZ bid
Bendigo & Adelaide Bank has reaffirmed its desire to buy Suncorp Group’s banking business, confirming in a submission to the Australian Competition Tribunal it should be considered a “counterfactual” alternative acquirer to ANZ.
Bendigo & Adelaide Bank has reaffirmed its desire to buy Suncorp Group’s banking business, confirming in a submission to the Australian Competition Tribunal it should be considered a “counterfactual” alternative to ANZ’s $4.9 billion bid.
In an outline of submissions to the tribunal dated November 27 but just published, Bendigo says “there is a commercially realistic likelihood of a merger between BEN (Bendigo) and Suncorp Bank (BEN counterfactual).”
“BEN and Suncorp Bank have compelling incentives to merge, there has been serious and credible communications between the parties to advance such a merger, [lines redacted] and BEN has the capacity to make a compelling offer for Suncorp Bank at a value accretive to shareholders of both companies,” the outline says.
After expressing its interest in Suncorp early in the process and being rebuffed by the Suncorp board as lacking the capacity to successfully execute the transaction, Bendigo had been silent on whether it should be considered a serious contender. However the Australian Competition and Consumer Commission had continued to argue a Bendigo takeover of Suncorp was realistic.
