ANZ said it will no longer pursue the accounting software provider as it focused on acquiring Suncorp.
ANZ said there will be no changes to the total number of Suncorp Bank branches in Queensland for at least three years from completion.
The entitlement offer will be conducted at $18.90 per new share, a 12.7 per cent discount to ANZ’s last closing share price of $21.64 on Friday.Confirming it had struck an agreement to acquire Suncorp Bank for $4.9 billion, ANZ said it would continue to be led by CEO Clive van Horen, who will report to ANZ CEO Shayne Elliott.Mr Elliott described the deal as a “cornerstone” investment for ANZ.
ANZ said the estimated annual pre-tax cost synergy were $260 million or 35 per cent of Suncorp Bank’s cost base, which “will be largely realised in years 4 to 6 post completion, with full run rate synergies expected to be achieved by the end of year 6.”
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