FIRB approves Veda acquisition

The Foreign Investment Review Board (FIRB) has approved Equifax’s proposed acquisition of 100 per cent of the shares in Veda via a scheme of arrangement.

As announced in Veda’s 23 November ASX update outlining the proposed acquisition, FIRB approval was one of the key regulatory approvals required.

Veda notified the market this week that the process for achieving other approvals is underway and will be reported to the ASX in due course.

“The directors of Veda continue to unanimously recommend that Veda shareholders vote in favour of the scheme, in the absence of a superior proposal,” the group said in a trading update in Monday.

“They also intend to vote any Veda shares in their control in favour of the scheme, in the absence of a superior proposal.”

The acquisition remains subject to a number of customary conditions including the approval of Veda's shareholders at the meeting to be held on Monday, 8 February 2016 and the Federal Court of Australia, as well as approval from the NZ Overseas Investment Office.

If approved and all conditions precedent are satisfied, Veda shareholders will receive a cash payment of $2.825 per Veda share on the implementation date (which is expected to be 25 February 2016).

[Related: US group pitches $2.2 billion cash bid for Veda]

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