Shares of Veda Group Ltd (ASX: VED) have re-entered a trading halt today after the company referred to an update in relation to the takeover offer from Equifax just over a fortnight ago.
On September 18, 2015, Equifax offered to acquire 100% of Veda Group, which is an Australian-based data analytics business, for $2.70 per share. That represented a premium of more than 35% above the company's previous closing price, valuing the business at roughly $2.3 billion.
Although some investors may have found that somewhat compelling it also seemed opportunistic considering the sharp fall experienced by Veda Group's shares recently, despite announcing double-digit growth for the 2015 financial year. It also forecast further double-digit growth in 2016.
What's more, Veda Group is set to benefit from the introduction of the comprehensive credit reporting regime. The regime should enhance Veda's product offering by allowing it to give its clients a more comprehensive overview of individuals and business' credit histories.
It has since been reported that Veda Group did not believe this growth potential had been reflected in Equifax's offer price. This could suggest that today's update will be in relation to an increased bid which could see the shares soar even higher. They're currently sitting at $2.65 – up from a recent low of $1.99.
