Humm Group requests formalised $286m takeover bid by mid-September
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The news: Fintech Humm Group has called for a “refined” takeover proposal from its chair’s family office, The Abercrombie Group (TAG), which has been undertaking due diligence over the past month.
The context: TAG’s non-binding indicative proposal to acquire Humm Group for $0.58 per share was announced on 15 July, with the suitor granted access to limited due diligence.
Based on the number of Humm Group shares on issue, the indicative proposal implies an equity value of around $285.6 million.
Humm’s independent board committee, which excludes its chair, has now requested that TAG completes its due diligence and “submits a refined proposal by mid-September”, the company said in a statement to the exchange.
The committee believes the limited, non-exclusive due diligence process with TAG is in the best interest of shareholders.
The company reiterated that the provision of limited due diligence does not mean that a binding offer will be made or that an offer would be capable of being recommended by the independent board committee to shareholders.
FY25 results are expected to be released on 25 August 2025.
The source: ASX
