EQT and CVC Asia Scrap $3.4 Billion Bid for AUB; Shares Drop

EQT AB and CVC Asia Pacific Ltd. scrapped talks with AUB Group Ltd. about a possible takeover offer that had valued the Australian insurance broker at around A$5.2 billion ($3.4 billion). AUB shares slumped.

The consortium has advised AUB that it doesn’t intend to proceed with a binding proposal at a price of A$45 per share, according to a statement on Monday. The AUB board believes that price appropriately values AUB in the current market environment, the statement said.