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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.

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“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
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