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Home to press on despite failure to meet with PNCS

HOME Building Society Ltd has announced it will continue to examine merger opportunities with Police and Nurses Credit Society Ltd, despite its target failing to agree to a meeting. An announcement released by the company said it maintained the view that its offer, of either $215 million worth of shares or $243 million in cash, was a reasonable offer for the company, based on the information available. This was despite the PNCS/Ernst & Young valuation of $420 million, which the credit society recently revised to a net worth of $450 million. According to Home, PNCS has indicated its unwillingness to meet with the company to either discuss the proposal, or to put it to members. A statement released by PNCS on October 6 supports that statement, with PNCS chief executive Fred Huis saying at the time that the society was concerned about the loss of mutual status, and stating that the offer was undervalued.

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