Veda gets a $2.2 billion takeover offer and its shares are going nuts

Eugene Tan/Hausmann Communications via Getty Images

Shares in Veda Group, Australia’s largest credit reference agency, soared after a takeover offer from US-based credit bureau Equifax.

The $2.70 a share cash offer values Veda at $2.2 billion. A short time ago, Veda shares were up by almost one-third to $2.65, just below the offer price.

The bid is subject to due diligence and regulatory approvals, including Foreign Investment Review Board approval.

Macquarie Capital and Herbert Smith Freehills are advising Veda.

Veda listed on the ASX in December 2013.

Equifax is one of the three the big American consumer credit agencies along with Experian and TransUnion.

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