suncorp promina deal insurance from AFR today"Suncorp and its...

suncorp promina deal insurance from AFR today

"Suncorp and its acquisition target, Promina, are negotiating a break fee of up to $70 million to be paid if their proposed friendly marriage is derailed by a rival bid.

The board of Promina is expected to meet today to discuss the progress of the deal and its non-financial aspects such as the make-up of the board and management of the combined entity.

...

Stockbrokers have reported strong interest from offshore hedge funds in the takeover but some funds have complained of an inability to source Suncorp stock for shorting.

Credit Suisse said it expected the merger to proceed and St George Bank could become a target of the merged Suncorp-Promina entity"