AUB Group (AUB AU) Opens Books To EQT's NBIO
AUB Group Limited (AUB AU), which operates a network of insurance “matchmakers”, has announced a NBIO, via a Scheme, from EQT @ A$45/share, a ~40% premium to undisturbed.
That indicative price is up from $43/share proposed on the 13th September (but not made public).
AUB’s board has opted to open its books to EQT, on an exclusive basis, for six weeks. Tentatively, that expires on or around the 9th December.
The Trade:
Pricing is attractive. But remains indicative.
Trading wide - 18% gross, ~45% annualised if mid-April completion, should a formal offer unfold.
Be wary: EQT has walked away from at least two other deals in recent years - Iress Ltd (IRE AU) and Vocus Communications (VOC AU).
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