Humm Group faces Takeovers Panel over handling of Credit Corp bid
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The news: Humm Group shareholder Akat Investments has asked the Takeovers Panel to investigate the handling of Credit Corp’s takeover offer late last year.
The context: Akat Investment’s application to the Panel is focused on the Humm board’s handling of a takeover offer from Credit Corp Group and a previous, withdrawn offer from The Abercrombie Group (TAG) – an entity linked to current Humm chair, founder and major shareholder Andrew Abercrombie.
The Humm board told shareholders about the Credit Corp bid on 17 December 2025 – four weeks after it had been received – and that it had received a section 203D notice from activists Jeremy Raper and Collins Street Value Food to remove Abercrombie, Robert Hines and Andrew Darbyshire as directors.
Between 17 December and 19 December, entities connected to Abercrombie, including TAG, acquired 15 million Humm shares on market, increasing Abercrombie’s stake to 29.19%.
The AFR reported that Akat's application alleges Abercrombie had access to a 100-page information pack on the state of Humm’s business and earnings projections on or around 12 December, before he bought stock and Abercrombie had knowledge that Humm had won a key contract with Flight Centre.
Akat alleges the circumstances are unacceptable as Humm Group board did not disclose the Credit Corp Proposal for almost one month after its receipt and not until a section 203D notice was given to Humm, the full details of the Credit Corp proposal were not released, due diligence has not bee granted to Credit Corp “over two months after the receipt of a bona fide acquisition proposal”, and the Humm board has not formed an independent board committee to assess the Credit Corp offer.
Akat also argues that the on market purchases made by entities linked to Abercrombie “occurred during a period of informational asymmetry” and while a superior proposal was unresolved.
Akat is seeking interim orders to prevent the shares purchased by Abercrombie between 17–19 December 2025 from being voted at Humm’s upcoming general meeting on 19 February.
Akat is also seeking final orders to stop the Abercrombie shares being voting on while the Credit Corp proposal is on foot, to require Humm to provide Credit Corp with due diligence on equivalent terms as was granted to TAG, establishment of an independent board committee and to compel corrective disclosure.
The Takeovers Panel said that a sitting Panel has not yet been appointed and it has not yet decided whether to conduct proceedings.
The AFR reported that Humm investor Anton Tagliaferro, who owns more than 4.9 million Humm shares in various entities, including Akat Investments, submitted the application to the Takeovers Panel.
