Humm Group says due diligence access ‘ready to be granted’ to suitor Credit Corp

The news: Buy now, pay later company Humm Group expects a draft confidentiality deed to be settled with Credit Corp “in the next few days”, providing the suitor with access to Humm’s due diligence data room.

The context: Humm said it provided an initial draft confidentiality deed that would govern Credit Corp’s access to the confidential due diligence information on 5 December, and the companies have been in negotiations over the document since then.

Humm, which disclosed the $385 million takeover proposal on 17 December, said the due diligence data room has been populated and access “is ready to be granted to Credit Corp”, subject only to the two parties finalising and executing the confidentiality deed.

Last week, Humm established an independent board committee to “consider, negotiate, approve and implement” the takeover offer, as part of its voluntary undertaking agreed with the Takeovers Panel.