The acquisition has synergy with Fox Business and Fox Television Stations, given that Credible would benefit from access to the broadcast and entertainment giant’s huge audience.
On Monday, Credible Labs Inc, a U.S. consumer lender disclosed, it has agreed to be acquired by broadcaster Fox Corp for around $397 million (A$585 million).
Under the terms of the acquisition, Australian Stock Exchange-listed Credible Labs, shareholders will receive A$2.21 in cash as per Chess depository interest (CDI), which represents A$55.25 per share of common stock in Credible.
The offer amount of A$2.21 per CDI represents a premium of 7% to its last close of A$2.06 on August 2.
Incidentally, Credible provides and refinances student and personal loans, supplying data that allows individuals to compare and select different pre-qualified rates and options.
In a statement, Fox’s CEO and Executive Chairman, Lachlan Murdoch stated the acquisition has “tremendous synergy” with FOX Business and FOX Television Stations, as Credible would benefit from access to the broadcast and entertainment giant’s huge audience.
Credible’s board has unanimously backed the proposal, which is subject to certain approvals from the ASX.
($1 = 1.4728 Australian dollars)