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Investing.com-- AUB Group Ltd (ASX:AUB) said on Tuesday it received an unsolicited takeover offer from a unit of Swedish private equity group EQT that values the company at roughly A$5.25 billion ($3.4 billion).
AUB said EQT offered A$45 for each share in the insurance firm, representing a 25% premium to the stock’s last close.
AUB’s board said in a statement that it had provided EQT with access to confirmatory due diligence for a six-week period from October 8, and that it was in the best interests of shareholders to consider the proposal.
AUB was seen drawing some takeover interest over the past year, especially as its share price stalled and as major shareholder Odyssey Investment dumped its stake in the firm.
AUB shares surged over 12% on Monday amid heightened speculation that it had received a takeover offer. Australian media reports said the firm was in the crosshairs of private equity.
AUB is a publicly listed group of retail and wholesale insurance brokers and underwriting agencies operating in over 550 locations.
After Monday’s gains, AUB shares are trading up nearly 16% so far in 2025, compared to a 10.2% rise in the ASX 200.