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Mackay Permanent Building Society’s (MPBS) board of directors have backed Wide Bay’s latest takeover offer, saying it is “superior” to a competing bid from the Bank of Queensland (BoQ).
MPBS chief executive officer Bob Neely said: “The board of directors of MPBS has considered the Wide Bay offer and has determined that, having regard to the risks and benefits of both proposals, the Wide Bay offer is superior to the BoQ proposal."
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“The MPBS board withdraws its recommendation that MPBS shareholders vote in favour of the BoQ proposal,” said Neely.
