- ANZ’s (ANZ) investment arm is aiming to buy all of the shares in fellow ASX-lister Cashrewards (CRW)
- 1835i Group already owns a stake in CRW but wants to acquire all of the remaining shares for $1.135 — a 19.5 per cent premium to its last closing price
- Under the off-market takeover bid, Cashrewards would continue to operate independently and its recent deal with ANZ would be unaffected
- CRW’s board recommends that shareholders accept the offer in the absence of a superior proposal, with the offer valued at $89.5 million
- Cashrewards shares are trading 15.8 per cent in the green at $1.10 each
ANZ’s (ANZ) investment arm will aim to buy all of the share in fellow ASX-lister Cashrewards (CRW).
The big four bank’s external innovation and venture partner, 1835i Group, has entered into a Bid Implementation Agreement for an off-market takeover of CRW.
1835i already owns a 19 per cent stake in the automatic savings business and is offering to buy all of the remaining shares for $1.135.
That price represents a 19.5 per cent premium to Cashrewards’ last closing price and gives the shares on offer a price tag of $89.5 million.
Under the takeover, CRW would continue to operate independently and its previously announced deal with ANZ would be unaffected.
Cashrewards Independent Board Committee has unanimously recommended shareholders accept the 1835i offer in the absence of a superior proposal.
Company CEO Bernard Wilson said the takeover offer was very attractive.
“The proposed transaction is an endorsement of the quality of the Cashrewards offering for members and merchants and will help further advance our position as the leader in
Australian cashback,” Mr Wilson said.
“We are pleased to be entering into an Implementation Deed with 1835i today and believe it is in the best interests of our shareholders.
“It provides an opportunity for our shareholders to realise a significant premium to the prevailing trading price of Cashrewards shares.”
Cashrewards shares were trading 15.8 per cent in the green at $1.10 each at 2:19 pm AEDT.