An independent expert's report included in a scheme booklet sent out to The Rock Building Society's shareholders yesterday has concluded that MyState's offer for the group is reasonable and in the best interests of shareholders in The Rock.The merger is by way of a scheme of arrangement, and on Tuesday the Supreme Court of Queensland approved the issue of the scheme booklet. A scheme meeting has been called for November 28.MyState launched its bid for The Rock on September 1, offering 7.75 of its shares for 10 shares in The Rock. The offer values The Rock at A$2.71 a share - a 40 per cent premium over The Rock's one-month volume weighted average price prior to the announcement.In addition, The Rock's shareholders will be entitled to receive a proposed interim dividend of "no more than 12 cents per share" in respect of the profit generated between July 1 and the scheme implementation date.The independent expert, Lonergan Edwards & Associates, says: "In our opinion, the scheme is fair, provided The Rock's interim dividend is at least six cents per share, and is reasonable and in the best interests of The Rock shareholders in the absence of a superior proposal."In our opinion, The Rock shareholders are being paid a significant share of the synergy benefits which MyState expects to generate as a result of the scheme."Pro forma financial information in the scheme booklet shows that the merged entity would have loans of around $2.8 billion, deposits of $2.2 billion, interest revenue of $230 million and net profit of around $33 million.