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NZAX-listed companies Canterbury Building Society (CBS) and the Loan and Building Society (LBS) have agreed to merge, the companies said yesterday.
LBS will make a one-for-10 fully imputed taxable bonus issue of 400,000 new shares during November this year to increase its share holding to 4.4 million. These new shares will receive a dividend. LBS shareholders will then receive one CBS share for each LBS share.
The terms of the merger are subject to independent appraisal as required by NZX listing rules. The combined society will have aggregate total assets of approximately $530 million.
