On the 13th August, EQT proposed taking Australia’s largest garbage and waste disposal play Cleanaway Waste (CWY AU) private, via a Scheme, at A$3.13/share, a 32.1% premium to undisturbed.
EQT was afforded nine weeks of exclusive DD; and announced yesterday nothing had arisen in its review that was likely to cause it not to proceed on the same terms.
All good? Mostly. There’s some pushback in the market CWY’s management’s backing an (exclusive) Offer as the Iran war suppressed CWY’s share price. I’m not a buyer into that narrative.
Trade:
Assuming terms are firmed shortly, trading wide at a gross/annualised spread of 14%/28% (late-March completion) - net of the FY26 dividend.
If not in, I’d be buying here.
Pushback - terms remain indicative.