EQT Locks In A$9.3B Cleanaway Deal With Board Backing
EQT is trading near its 52-week low of $47.937 (13% above the low).
Summary
EQT Infrastructure's A$3.13 per share approach for Cleanaway, first disclosed August 12, is now a signed scheme implementation deed the Cleanaway board unanimously recommends. Shareholders get A$3.095 cash per share after deducting the A$0.035 final dividend paid October 8, and the deal values Cleanaway at about A$9.3 billion including debt — a 32.1% premium to the August 12 close. Cleanaway shares jumped nearly 20% to A$2.960, their best day since 2011, though that still sits below the offer price, so the market is pricing some completion risk. Cleanaway can pay up to A$0.19 per share in dividends before implementation, all deducted from the scheme consideration. The board's recommendation is conditional on no superior proposal emerging; a competing bid or a shareholder vote rejection is the risk to watch.
At the time of this announcement, EQT was trading at $54.20 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $34B. The 52-week trading range was $47.94 to $68.24. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.