The Veda Group has approved a revised takeover offer from US-based credit bureau Equifax which values Australia’s largest credit reference agency at $2.501 billion.
The board of directors has recommended the revised non-binding offer of $2.825 cash a share, up from the original $2.70 offer last month. The new offer is a 42% premium to the closing price on September 17.
Chairman Helen Nugent says the proposal reflects Veda’s outstanding position.
“Veda has a strong market position, as the leading provider of credit information, data and analytics services in Australia and New Zealand and with operations across Asia and the Middle East,” she says.
Equifax, one of the three the big American consumer credit agencies along with Experian and TransUnion, will now conduct due diligence.
Veda last traded at $2.65 but has been as high as $2.80 since the first bid was announced.