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Australia's Credible Labs to be bought out by Fox Corp unit for $397 million

Aug 5 (Reuters) - Consumer lender Credible Labs Inc said on Monday that it entered a definitive agreement to be bought out by a unit of Fox Corp, which it says values it at about A$585 million ($397 million).

Under the terms of the deal, U.S. based-Credible Labs, listed on the Australian Stock Exchange, said its shareholders will receive A$2.21 in cash per CHESS depository interest (CDI), which represents A$55.25 per share of common stock in Credible. ($1 = 1.4728 Australian dollars) (Reporting by Rashmi Ashok in Bengaluru; Editing by Sonali Paul)