AUB announcement this morning: Under the terms of the Confidentiality Agreement, EQT was required to re-confirm its intention to proceed with the Proposal to acquire AUB at $45.00 cash for each AUB share to retain exclusivity. EQT has provided such re-confirmation.

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The AUB Board notes that there is no guarantee that a binding agreement will be reached with EQT and therefore no certainty that the Proposal will result in a transaction.

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so- from what it has seen in DD, EQT still wants to proceed. Still not-binding but harder for EQT to say business case doesn’t stack up after initial DD.

3020253.pdf

EQT proposed $45 per share bid for AUB had the following exclusivity terms:

Hard Exclusivity End Date means the date that is 20 business days after Thursday, 9 October 2025. Tomorrow is the 20th day after 9/10.

Exclusivity Period means the period commencing 8 October 2025 and ending at 5:00pm (Sydney time) on the earlier of: 5pm on Thursday 20 Nov (which can be extended if EQT commits to the transaction).

As I understand it the AUB board can negotiate with others if it forms the view in good faith that doing so would be in accordance with duties but no non-public info can be provided until the end of the Exclusivity Period.

Meanwhile AUB share price is $9 below the offer price, suggesting a lack of confidence in a deal being done.