If scrip were issued in Acadia stock (or any other foreign-listed acquirer) pursuant to a merger or acquisition, then one way around the issue of industry (and other non-SMSF) super funds only being able to hold ASX-listed securities would be for Acadia to issue CDIs (CHESS Depositary Interests) - these are quoted on the ASX and represent units of beneficial ownership in an underlying financial product (eg in Acadia shares). In my view it is likely that the super funds would allow for these to be held (even if it falls outside of the usual criterion of being in the ASX300) if they were issued to members following a corporate transaction. CDIs would likely not be quite as heavily traded as the underlying stock (eg ACAD on the NASDAQ) but the price should generally be approximately aligned with the underlying - otherwise it would give rise to arbitrage opportunities (ie making a “riskless profit” by buying the cheaper securities and selling the more expensive equivalent securities on the other exchange).
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