Its Over, page-13708

...if this deal has come first before MYOB, ANZ may not have proceeded with MYOB. But yet, it wasn't willing to miss the chance to snap up Suncorp's banking business.

..combined with MYOB $4.5B acquisition, ANZ has taken on a total acquisition bill of $9.5B at a time its share price isn't looking flash. Is ANZ biting more than it can chew?

..does Suncorp see something that ANZ hasn't ? Lets see how ANZ shareholders vote in tomorrow's market.

ANZ’s Suncorp bank bid worth $4.9b
Anthony Macdonald, Sarah Thompson and Kanika Sood
Jul 17, 2022 – 4.10pm


ANZ Banking Group has offered $4.9 billion to buy Suncorp’s bank, with the deal on track to be signed on Monday morning.
It is understood the offer valued Suncorp’s bank at a premium to its listed rivals, on a price to book value basis, which was an important consideration for the Queensland-based company’s board.

Suncorp chair Christine McLoughlin and her board are seeking to finalise the sale of the company’s bank.  Attila Csaszar
At $4.9 billion, the deal would be the biggest Australian bank M&A transaction since Westpac Banking Corp bought St George for $18.5 billion in 2008.

The late-stage talks were playing out on the weekend, with a view to have the transaction ready for both companies’ shareholders on Monday morning.

Melbourne-based ANZ is expected to raise equity to fund the acquisition. It is understood to be looking for underwriting for a $3.5 billion raising, via a renounceable entitlement offer.