AUB Group Ltd (ASX: AUB) remains squarely in the crosshairs of takeover buyers, with the company telling its shareholders on Monday that another bidder had entered the fray.
AUB said last month that Danish private equity firm EQT had approached it about a possible takeover, after an article in the Australian Financial Review broke the news of the possible deal.
AUB informed the ASX at the time that discussions about a potential buyout commenced on September 13, when EQT initially offered $43 per share, which was subsequently increased to $45 per share.
The $45 potential offer was a massive 40.2% premium to AUB's previous closing price, and the stock naturally traded higher on the news.
There is no guarantee a formal bid will arise, however, and the stock has continued to trade at a discount to the offer price.
Late last week, AUB said that EQT had reconfirmed its interest in buying out the company, and that it had extended the exclusivity period for talks by two weeks to 20 November.
Image source: Getty Images
New bidder joins forces
On Monday, AUB issued a further update to shareholders, saying that another private equity firm, CVC Asia Pacific, was now interested in joining the potential EQT proposal.
As the company said:
On 9 November 2025, EQT advised AUB that it had received an unsolicited approach from CVC Asia Pacific Limited to partner and jointly pursue the acquisition of AUB (the consortium proposal). Under the consortium proposal, CVC funds and EQT funds would jointly own AUB (along with any co investors). EQT has confirmed that the consortium proposal would remain at a price of $45.00 per share.
EQT, AUB said, had also asked for another two-week extension to the due diligence period, which AUB had granted, pushing that date out to 4 December.
AUB said there was still no guarantee a formal bid would eventuate, as it told its shareholders:
The AUB board notes that there is no guarantee that a binding agreement will be reached with EQT and CVC and therefore no certainty that the consortium proposal will result in a transaction.
AUB is an S&P/ASX 200 Index (ASX: XJO) company comprised of a group of retail and wholesale insurance brokers and underwriting agencies, which operates in about 580 locations globally, according to its website.
The company was founded in 1985 and now serves approximately one million clients, managing over $11 billion in insurance premiums.
AUB shares were trading 1.6% higher on Monday morning at $39.53, still well below the $45 potential bid price.
