Investors accepting an all-stock offer are exempt from capital tax gains, which is an important consideration for many. Rival Bids Analysts are sceptical about any rival bids emerging as Westpac Chief Executive Officer Gail Kelly enjoys a competitive advantage, having led St George for more than five years before moving over to Westpac. They also rule out the possibility of a foreign bank launching an unsolicited bid due to lack of substantial synergies. "Overseas banks could look at it now, I don't know they are strategically attractive enough as Australia is a modest growth country.