CVC Joins EQT In Pursuit Of AUB Group (AUB AU)

• On the 28th October 2025, AUB Group Limited (AUB AU), an insurance “matchmaker”, announced a NBIO, via a Scheme, from EQT at A$45/share, a ~40% premium to undisturbed.

• The share price has consistently traded wide to terms, not just because of the transactions’ indicative nature; but EQT’s track record on progressing from indicative to firm is not optimum.

• This morning AUB announced CVC was teaming up with EQT, at $45/share; and concurrently requested additional due diligence. This has been granted by AUB.

The Trade:

• Terms are attractive.

• Yes - indicative. However, the advent of CVC adds a veneer of confidence terms may be firmed.

• I’d look to enter around here and on weakness.

This insight is labelled bullish as I’m not bearish here.