Activists team up to fight 'extremely problematic' Humm takeover
Two investors are attempting to thwart an "insultingly low" bid from the buy now pay later's chairman and controlling shareholder and are hopeful others will join them.
Investor Jeremy Raper has ramped up his criticism of Humm Group chairman and major shareholder Andrew Abercrombie after teaming up with Melbourne fund Collins Street Asset Management in an attempt to thwart a takeover of the buy now, pay later business.
Raper's Raper Capital and Collins Street emerged this week as the third and fourth largest Humm shareholders, according to a joint company filing, and will use their combined 7.36% stake to heap pressure on the Humm board and next month's annual general meeting. They are hopeful more investors will join them.
With due diligence still ongoing for Abercrombie’s four-month old bid of 58 cents per share, Raper told Capital Brief he was “extremely disappointed” with how the process had been run.
“As I've highlighted since the very beginning, we never should have entered into due diligence with this counterparty at this price," he said, referring to Abercrombie's bid. "I believe the bidder has been and is highly conflicted and most likely should not have been involved in any aspect of management of the company during the pendency of the bid."
