Friday’s takeover bid for Veda Group (ASX: VED) by US credit reporting giant Equifax (NYSE: EFX) seems surprising. The bid – at $2.70 per share – is more than double the company’s 2013 initial public offering (IPO) price of $1.25.
Presumably Pacific Equity Partners (PEP), Veda’s former private equity owner, shopped the company around in 2013 before deciding to proceed down the IPO route. Why didn’t Equifax buy Veda then?
Here’s a theory.