Humm Group’s prospective suitor requires additional information
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The news: Fintech Humm Group has told the market that its chair’s family office, The Abercrombie Group (TAG), needs more information to work through “diligence matters” relating to its non-binding indicative proposal.
The numbers: TAG’s non-binding indicative proposal to acquire Humm for $0.58 per share was announced on 15 July and implies an equity value of around $285.6 million based on the number of Humm shares on issue.
The context: TAG has informed the independent board committee “that there are diligence matters that it is continuing to work through and it requires further information before it can confirm or refine its proposal”, according to Humm’s announcement to the exchange.
Humm also said it would provide the information “expeditiously” and has been informed that TAG will “promptly” respond.
At the end of July, Humm’s independent board committee had asked TAG to complete its “critical due diligence” and issue a “refined” takeover proposal by mid-September.
The source: ASX
