Powered by MOMENTUM MEDIA
subscribe to our newsletter

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.”

Advertisement
Advertisement

PROMOTED CONTENT


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]

FIRB approves Veda acquisition
mortgagebusiness

Latest News

Preliminary ABS data has revealed that the value of residential construction work done has declined in the September quarter to its lowest l...

Westpac and its subsidiaries have reduced its owner-occupied and investment property fixed home loan rates, effective 24 November. ...

Defence Bank has appointed two new board directors and announced the retirement of long-term director Lieutenant Colonel Craig Madden. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Responsible Lending - what could lie ahead for lenders, brokers and borrowers?

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

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