• Mad Paws to be acquired by Rover Group for $0.14 per share, representing a 87-125% premium
• Mad Paws to divest Pet Chemist business for $13 million and close Sash and Waggly e-commerce businesses
• Mad Paws Board unanimously recommends the Scheme, subject to no Superior Proposal and Independent Expert conclusion

Mad Paws Holding Limited (ASX:MPA) (Mad Paws) has entered into a Scheme Implementation Deed (SID) with Rover Group, Inc. (Rover), under which Rover will acquire 100% of the shares on issue in Mad Paws by way of a scheme of arrangement. Under the terms, each Mad Paws shareholder will receive $0.14 per Mad Paws Share in cash, implying a total transaction equity value of approximately $62 million. This represents a premium of 87-125% to Mad Paws' recent share prices. The Mad Paws Board unanimously recommends the Scheme, in the absence of a Superior Proposal and subject to an Independent Expert concluding it is in the best interest of shareholders. Separately, Mad Paws has agreed to divest its Pet Chemist business to VetPartners Australia for around $13 million, and will close down its Sash and Waggly e-commerce divisions. Implementation of the Scheme is conditional on completion of these E-Commerce Transactions, as well as other customary conditions including FIRB and shareholder approvals. Mad Paws' largest shareholder, Bombora Special Investments Growth Fund, has confirmed it intends to vote its 14.5% stake in favor of the Scheme. Following completion, Rover intends for Mad Paws to continue operating as its own brand in Australia, led by current CEO and co-founder Justus Hammer.