Say what you want about ANZ Banking Group’s proposed acquisition of Suncorp Bank, but lady luck’s definitely been on the bank’s side.
As retail investors churn through the 78-page entitlement offer booklet, it’s looking more and more like money for jam. ANZ’s offering stock at $18.90 and the bank’s shares haven’t closed below $21.93 since the deal was announced.
ANZ’s retail entitlement offer is slated to close on August 15. Any rights not taken up will be offered to institutional investors three days later.Retail entitlements trading was also relatively strong – about 1.4 million rights crossed hands on Monday, which was the final day’s trade. The rights finished at $3.95 each, having traded as high as $4.07 last week. [Renouncing institutional shareholders received $2.75 a right].
Since ANZ announced its Suncorp Bank buy on July 18, Australia’s large cap banks index has jumped 9.3 per cent, which is a handy tailwind for a bank asking retail investors for about $1.8 billion and its underwriters Macquarie Capital and UBS. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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