Firstmac makes bid for local bank

The non-bank lender has made an unsolicited bid for a Western Australian ADI with a decision to be made before the year’s end

Firstmac makes bid for local bank



Non-bank lender Firstmac has made a bid for the acquisition of all shares in the Western Australian bank Goldfields Money.

Firstmac has proposed to purchase each individual share at $1.12 per share. Company secretary of Goldfields, Malcolm Cowell, said the bank was reviewing Firstmac’s bidder’s statement in relation to the offer.

Goldfields is also currently preparing a target’s statement which will be released on 30 October along with an independent expert’s report. Shareholders have been advised to take no action until after these statements are released. The offer will open on 31 October and close on 1 December.

The bid was made by Firstmac Holdings, a wholly-owned subsidiary of Firstmac, through an unsolicited on-market cash offer announced through the ASX on 16 October.

Firstmac declined to comment on the bid when approached by Australian Broker.

Goldfields Money was previously known as Goldfields Credit Union and has branches in Kalgoorlie and Esperance.

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