Powered by MOMENTUM MEDIA
subscribe to our newsletter

US group pitches $2.2 billion cash bid for Veda

US-listed credit group Equifax has targeted Veda Group for acquisition, valuing the ASX-listed company at more than $2 billion.

In a trading update today, Veda announced that it had received  an oral, conditional and non-binding expression of interest from Equifax Inc (Equifax) under which Equifax proposes to acquire 100 per cent of the shares in Veda at a price of $2.70 per share, with the consideration being in cash.

Veda shares surged by more than 30 per cent today following news of the potential acquisition. The group’s share price was $2.62 when the market closed, taking the company’s market cap to $2.3 billion.

“The proposal is subject to a number of conditions including due diligence and regulatory approvals, which includes FIRB approval,” Veda said in an ASX statement.

“The board of directors of Veda intends to evaluate the expression of interest and will update its shareholders and the market in due course.

Advertisement
Advertisement

PROMOTED CONTENT


“The board notes that there is no certainty that the expression of interest will result in an offer for Veda, what the terms of any such offer would be, or whether there will be a recommendation by the board.

“Irrespective of whether the expression of interest proceeds to an offer, the board considers that Veda has a very attractive future and that the company is well positioned to continue to deliver strong growth.”

Macquarie Capital (Australia) Limited and Herbert Smith Freehills are advising Veda.

US group pitches $2.2 billion cash bid for Veda
mortgagebusiness

Latest News

The percentage of young adults looking to pay down their home loans has risen over the past five months, according to new data. ...

Despite the Reserve Bank digging its heels in on the timing of its cash rate climb, Westpac economists have predicted the right conditions w...

Customer-owned banks operate around four branches per $1 billion in assets, while the big four collectively run less than one shopfront per ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

When do you expect the cash rate to start increasing?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.