Credit Corp defends Humm board over secret $385m takeover bid
Humm Group's board infuriated investors after sitting on the buyout bid. But Credit Corp boss Thomas Beregi says he wasn't expecting his confidential offer to be made public.
Credit Corp chief executive Thomas Beregi has distanced his company from the escalating shareholder turmoil unfolding at takeover target Humm Group, but defended the fintech’s delayed disclosure of its $385 million buyout proposal.
“Our offer was confidential so we didn’t expect it to be disclosed at all, until we’d at least reached the next stage, if that was due diligence, or even beyond that,” Beregi told Capital Brief in the wake of his company's half-year results.
Veteran investor Anton Tagliaferro last week asked the Takeovers Panel to investigate the Humm board’s handling of Credit Corp’s 77 cents-per-share takeover offer, announced in December.
Lodged under his investment company Akat Investments, Tagliaferro alleged that the board’s failure to disclose Credit Corp’s proposal for almost one month after its receipt undermined a competitive control process.
