Back on the 18th August 2026, Reliance Worldwide Corp (RWC AU) entered into a process deed with Brookfield, potentially leading to a A$4.75/share Offer by way of a Scheme.
Brookfield was granted four weeks of additional exclusive due diligence to “progress the proposal“. That exclusivity expires today.
Should Brookfield firm terms, Reliance is permitted to “go shop” for 30 days. After AustralianSuper bumped its holding, twice, post-deal-announcement, a higher price may be warranted.
The Trade:
Terms remain indicative.
Trading wide at a 10.7%/31% gross/annualised spread, assuming late January 2027 completion.
AustralianSuper is part of the negotiations. And they have stonewalled Brookfield in the past.
Does Brookfield bump, walk, or firm terms as is?
I’d still be getting exposure around here, and on weakness.