US credit giant offers Veda bid
(21 September 2015 – Australia) Following a cash offer from US global credit bureau, Veda shares have gone from a one-year low to a year high in a single day. The offer value’s Australia’s largest credit reporting agency at A$2.28 billion.
Equifax's bid is merely a non-binding expression of interest that will require Veda to open its books to the suitor before a final deal is agreed upon.
As Veda's release notes, "there is no certainty that the expression of interest will result in an offer for Veda".
Veda's board has yet to assess the offer, and there is no guarantee that it will recommend a bid at that price. Should the Board agree to buyout terms, the deal will require regulatory approvals, including from the Foreign Investment Review Board.
Any deal would then also require approval from Veda's shareholders.
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