Ord Minnett believes the takeover offer by ANZ Bank's ((ANZ)) innovation and investment arm, 1835i, for Cashrewards is likely to proceed. This is because the existing 19% shareholder (1835i) is the natural acquirer, and it has recently extended a $15m loan to Cashrewards.

On a reduced likelihood of a superior offer, the broker reduces its rating to Accumulate from Buy and lowers its target price to $1.30 from $2.

Sector: Media.

Target price is $1.30.Current Price is $1.11. Difference: $0.19 - (brackets indicate current price is over target). If CRW meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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