The Cleanaway Waste Management Ltd (ASX: CWY) share price is in focus today after the company announced it has entered into a Scheme Implementation Deed to be acquired by EQT Infrastructure for $3.095 cash per share, representing a 34.5% premium to the 3-month VWAP.

What did Cleanaway report?

• Entered Scheme Implementation Deed with EQT Infrastructure for 100% of shares via Scheme of Arrangement
• Cleanaway shareholders to receive $3.095 cash per share, less any dividends, subject to conditions
• Implied enterprise valuation of approximately $9.3 billion and 20x FY26 underlying EBIT multiple
• Potential fully franked special dividend of up to $0.19 per share, expected to be between $0.145 and $0.190 per share
• Board unanimously recommends the scheme, subject to no Superior Proposal and a positive Independent Expert conclusion

What else do investors need to know?

The proposed scheme is subject to several customary conditions, including regulatory approvals (FIRB, ACCC, and authorities in Kuwait and Saudi Arabia), shareholder and court approval, and the absence of any material adverse change. Cleanaway’s Board can declare cash dividends before the scheme is implemented, with any such payments deducted from the acquisition price per share.

A Scheme Booklet containing full details will be sent to shareholders before the shareholder vote, which is expected to be held before the end of February 2027. If conditions are met, completion is targeted by the end of March 2027.

What did Cleanaway management say?

Cleanaway Chair, Samantha Hogg, said:

The Board has carefully assessed EQT’s proposal against the value of Cleanaway on a standalone basis, including the opportunities ahead of us under Blueprint 2030 2.0 and the investment and execution required to deliver them. Following a disciplined process and engagement with EQT, the Board is unanimous in its view that the Scheme delivers strong and certain cash value to shareholders, at a significant premium to Cleanaway’s undisturbed share price. Accordingly, the Board unanimously recommends that shareholders vote in favour of the Scheme, in the absence of a Superior Proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of Cleanaway shareholders.

What’s next for Cleanaway?

Shareholders don’t need to act right now. More information will come in the Scheme Booklet in the coming months. The Scheme Meeting to vote on the offer is expected before the end of February 2027. If all approvals are granted, implementation should occur by late March 2027. The Board’s recommendation is contingent on no superior proposal emerging and positive advice from the Independent Expert.

Cleanaway Waste Management share price snapshot

Over the past 12 months, Cleanaway Waste Management shares have declined 11%, trailing the S&P/ASX 200 Index (ASX: XJO), which has declined 2% over the same period.

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The post Cleanaway Waste Management enters $9.3bn Scheme with EQT Infrastructure appeared first on The Motley Fool Australia.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

The Reliance Worldwide Corporation Ltd (ASX: RWC) share price is in focus after the company announced the conclusion of its “Go Shop” period. Reliance Worldwide’s board has reaffirmed its unanimous support for Brookfield’s proposed acquisition, following no superior offers emerging.

What did Reliance Worldwide report?

• Brookfield Capital Partners to acquire 100% of RWC shares for US$3.38 per share (A$4.87 per share equivalent).
• “Go Shop” period concluded with no alternative proposals received.
• Board unanimously recommends shareholders vote in favour of the Scheme.
• Scheme remains subject to shareholder, court, and regulatory approvals.
• Indicative timeline: Scheme Booklet early November 2026; Scheme Meeting early to mid-December 2026.

What else do investors need to know?

Reliance Worldwide and its advisers ran a comprehensive international market testing process during the “Go Shop” period, engaging with a range of potential buyers. Despite extensive outreach, no alternative offers emerged that were superior or capable of becoming a superior proposal to Brookfield’s offer.

Now that the “Go Shop” period has ended, standard no-shop and no-talk restrictions are in force, although fiduciary exceptions mean the board can still consider superior proposals if they arise. Brookfield retains its matching right, allowing it to meet any new competing bid, should one materialise.

What did Reliance Worldwide management say?

Reliance Worldwide Chair, Russell Chenu, said:

The ‘Go Shop’ process provided an important opportunity to proactively and comprehensively explore broader buyer interest and to fully market test the Brookfield Transaction, so as to allow shareholders to be fully informed when making their decision on the Transaction.
The fact that the process did not result in a proposal that the Board considers superior to the Brookfield Transaction confirms the Board’s view that the Cash Consideration offered by the Brookfield Transaction represents compelling value.

The Board carefully assessed the Brookfield Transaction on a fundamental valuation basis, considering RWC’s strategic position, long-term growth opportunities and cash generation potential. The outcome of the ‘Go Shop’ process has provided a clear market view on the fairness of the Consideration. The Cash Consideration offered by Brookfield is particularly attractive given the certainty of value it provides to RWC shareholders.

What’s next for Reliance Worldwide?

Next up, Reliance Worldwide shareholders can expect to receive the Scheme Booklet in early November 2026, with a shareholder vote slated for early to mid-December 2026. If all conditions and approvals are met, implementation is targeted for late December 2026.

Shareholders don’t need to take any action right now. The Board’s recommendation remains subject to no superior proposal emerging and the Independent Expert continuing to find the Scheme in their best interests.

Reliance Worldwide Corporation share price snapshot

Over the past 12 months, Reliance Worldwide shares have risen 18%, outperforming the S&P/ASX 200 Index (ASX: XJO), which has fallen 2% over the same period.

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The post Reliance Worldwide ends Go Shop period, Board backs Brookfield bid appeared first on The Motley Fool Australia.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

The Challenger Ltd (ASX: CGF) share price is back in the spotlight after the company confirmed a non-binding, conditional takeover offer from TAL Daiichi Life Australia at $11.80 per share — a 17.7% premium to its recent average.

What did Challenger report?

• Received a non-binding, conditional indicative offer at $11.80 per share from TAL Daiichi Life Australia Pty Limited
• The offer values the remaining 79.5% of shares TAL Daiichi Life does not already own
• Proposal represents a 17.7% premium to Challenger’s one-month VWAP of $10.03
• Offer subject to due diligence, regulatory approvals, and Board recommendation

What else do investors need to know?

The proposal is at an early stage and remains subject to several conditions, including completion of due diligence and regulatory approvals. Importantly, Challenger’s Board has not made a decision and is reviewing the proposal in detail.

Shareholders are advised that there is no need to take any action at this stage. There is no guarantee the offer will lead to a binding deal or result in a completed transaction.

Challenger has committed to keeping the market updated in line with its continuous disclosure obligations as this process unfolds.

What’s next for Challenger?

Challenger will continue assessing the proposal and engage with TAL Daiichi Life as appropriate. The company aims to ensure any decision aligns with shareholders’ best interests and complies with all regulatory requirements.

Pending due diligence and further negotiations, investors should expect more updates. Until a binding agreement is reached, Challenger remains focused on its core business of providing retirement income solutions.

Challenger share price snapshot

Over the past 12 months, Challenger shares have risen 10%, outperforming the S&P/ASX 200 Index (ASX: XJO), which has declined 2% over the same period.

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The post Challenger confirms $11.80 per share takeover proposal appeared first on The Motley Fool Australia.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Challenger. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.