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Mortgage Business BOQ completes equity raise to acquire ME Bank By Malavika Santhebennur 16 March 2021 The non-major bank has completed the final stage of its equity raising, with the proceeds to be used to fund the acquisition of ME Bank for $1.325 billion. Bank of Queensland (BOQ) has announced the completion of the retail component of its underwritten one for 3.34 accelerated pro-rata non-renounceable entitlement offer (retail entitlement offer), subject to final reconciliation. The completion of the offer represents the final stage of BOQ’s approximately $1.35 billion total equity raising, which includes the underwritten institutional entitlement offer and institutional placement (together making up the equity raising). ....
By Mark Woodruff Guide: The FNArena database tabulates the views of seven major Australian and international stock brokers: Citi, Credit Suisse, Macquarie, Morgan Stanley, Morgans, Ord Minnett and UBS. For the purpose of broker rating correlation, Outperform and Overweight ratings are grouped as Buy, Neutral is grouped with Hold and Underperform and Underweight are grouped as Sell to provide a Buy/Hold/Sell (B/H/S) ratio. Ratings, consensus target price and forecast earnings tables are published at the bottom of this report. Summary Total Upgrades: 37 Net Ratings Breakdown: Buy 52.08%; Hold 40.26%; Sell 7.66% For the week ending Friday 19 February, the busiest week by far for corporate earnings reports, there were thirty seven upgrades and twenty six downgrades to ASX-listed companies by brokers in the FNArena database. ....
BOQ Acquires ME Bank to Become Sixth Largest in Australia Bank of Queensland (BOQ) has signed an all-cash deal to acquire Members Equity Bank (ME) for about $1.3 billion (US$1.03 billion). Announced on Feb. 22, the deal will see the BOQ emerge as a nation’s sixth-largest bank, giving it the scale it needs to challenge the big four NAB, CommBank, ANZ, and Westpac. The acquisition was fully funded through underwritten equity raising and is expected to be complete by the end of the 2021 financial year. BOQ chairman Patrick Allaway described the deal as “transformational” and “strategically aligned,” saying it was a major step in the bank’s plan to be “the leading customer-centric alternative” to the big players. ....
Hot Property: The biggest stories this week 21 25 February 2021 ASX announcements, Facebook’s war on news and rising real estate trends: Here are the biggest stories from the property sector for the week ending 28 February 2021. Welcome to REB’s weekly round-up of the headline stories and news that’s important not only for the real estate sector, but also for the state of property in Australia more broadly. To compile this list, not only do we consider the week’s most-read stories and the news that matters to you, but we curate it to include stories from our sister brands that also have an impact on the Australian property landscape. ....