AUB says private equity firm EQT has reaffirmed its interest in buying the intermediary group, meeting a condition in their confidentiality agreement to maintain exclusive access.

“EQT was required to reconfirm its intention to proceed with the proposal …. to retain exclusivity,” AUB said in an update today.

“EQT has provided such reconfirmation. Accordingly … the initial four-week period of exclusivity has been automatically extended by a further two weeks [to 5pm AEDT on November 20].

“The AUB board notes 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.”

AUB Group shares rose to a record $40.28 after the update this morning and closed at $38.89, up 6.29% for the day.

On September 26 Swedish firm EQT offered $45 cash per share to buy AUB, a deal that values Australia’s second-largest broking company at $5.25 billion. It had made a $43 offer earlier that month.

On October 28 AUB said it was in shareholders’ best interests to enter into a confidentiality and exclusivity agreement to progress the revised offer.