SYDNEY: humm Group Limited (ASX: HUM) announced it received a non-binding indicative offer from The Abercrombie Group Pty Ltd (TAG) to acquire all outstanding shares of the company not already held by TAG and its associates.
The offer, disclosed after market close on June 23, proposes a cash price of $0.58 per share, a 35% premium over hummgroup’s closing price of $0.43 on the same day.
TAG, the family office of hummgroup Board Chair Andrew Abercrombie, currently holds a 26.6% stake in the company. The proposed acquisition would be executed through a scheme of arrangement, subject to due diligence, regulatory approvals and the signing of a scheme implementation deed (SID).
An independent board committee (IBC) composed of non-executive directors Andrew Darbyshire, Teresa Fleming and Robert Hines has been formed to evaluate the offer. TAG has been granted four weeks to conduct targeted due diligence before submitting a binding proposal.
hummgroup emphasized that shareholders need take no immediate action, noting there is no certainty the transaction will proceed. The company has engaged K&L Gates as legal advisers, while TAG is advised by Gresham Partners and MinterEllison.
hummgroup, a diversified financial services firm, operates in Australia, New Zealand, Ireland, Canada and the U.K., offering instalment plans and credit products.