Humm Group’s Andrew Abercrombie seeks review of Takeovers Panel decision
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The news: Humm Group’s founder and former chair Andrew Abercrombie has applied for a review of the Takeovers Panel’s declaration of unacceptable circumstances, announced Wednesday, in relation to the buy now, pay later company’s handling of a $385 million takeover proposal by Credit Corp in December.
The context: A review panel has not been appointed yet and no decision has been made whether to conduct proceedings.
The Takeovers Panel found that statements in Humm’s announcement of Credit Corp’s offer were “misleading and contrary to an efficient, competitive and informed market”.
It said Humm’s claims the board was “carefully evaluating” and “willing to engage” on the proposal were misleading because “the reality was that the (then) chair and major shareholder of Humm (Mr Abercrombie) had already decided to reject the Credit Corp proposal several weeks earlier”.
The panel noted that Abercrombie, who stepped down as chair in February, “instructed the company’s financial adviser on 27 November 2025 to tell Credit Corp’s financial adviser that the Humm board would not recommend the Credit Corp proposal”.
The panel also found Abercrombie’s acquisition of 3% of Humm shares immediately after the company’s disclosure of the Credit Corp bid was “unacceptable”.
The source: ASX
