Humm Group climbs despite Takeovers Panel accusation of misleading statements
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More news: Shares in Humm Group rose in afternoon trade despite the company being accused by the Takeovers Panel of providing statements that were “misleading and contrary to an efficient, competitive and informed market”, in relation to a takeover bid from Credit Crop.
Shares have risen 5.34% to 69 cents at 3:06pm AEDT.
Takeovers Panel says Humm Group misled investors over Credit Corp takeover bid
The news: The Takeovers Panel has made a declaration of unacceptable circumstances in relation to buy now, pay later company Humm Group’s disclosure of a $385 million takeover proposal by Credit Corp in December.
The context: The panel found that statements in Humm’s announcement of the conditional, non-binding 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 Andrew 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 considered that the conduct of the Humm board, in failing to engage substantively with the Credit Corp proposal, in light of the statements Humm made to the market ... that it was willing to engage on the proposal, is unacceptable and contrary to an efficient, competitive and informed market,” the panel said.
The panel also found Abercrombie’s acquisitions of 3% of Humm shares immediately after the company’s disclosure of the Credit Corp bid were “unacceptable”.
The panel is still considering whether it should make any final orders.
The source: ASX
