Daily Brief Australia: Link Administration, Australia and New Zealand Banking Group (ANZ), West African Resources and more

In today’s briefing:

Merger Arb Mondays (18 Jul) – Link Admin, AOF, DTAC/True, Ramsay Health, ResApp, Infomedia
ANZ to Acquire Suncorp Bank: Equity Raise & Regulatory Approvals
S&P/ASX200: West African Resources (WAF) Replaces Uniti (UWL) At 21 July Close

Merger Arb Mondays (18 Jul) – Link Admin, AOF, DTAC/True, Ramsay Health, ResApp, Infomedia

Australia and New Zealand Banking Group (ANZ) (ANZ AU) has announced that it is acquiring Suncorp Bank from Suncorp (SUN AU) for an all cash consideration of A$4.9bn.
ANZ will fund the Suncorp Bank acquisition by a fully underwritten 1:15 pro rata accelerated renounceable entitlement offer to raise A$3.5bn at A$18.9/share, a 12% discount to TERP.
A small increase in the Herfindahl-Hirschman Index (HHI) for the mortgage lending market will make it difficult for ACCC to deny approval for the acquisition.

The Uniti Group Ltd (UWL AU) Scheme Meeting was held Friday, approving both General Scheme Resolution and Rollover Shares Scheme unanimously. The MBD Bidco deal is done.
Friday after the close, the S&P DJI Global Index team announced that Uniti would be deleted from the ASX200 21 July at the close.
Gold miner West African Resources (WAF AU) was chosen as the replacement. It’s a decent-sized inclusion and should have been well-flagged last week but may have been ignored.

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