Credit Corp abandons acquisition of Humm
Key points
- Credit Corp's non-binding offer to acquire Humm withdrawn
- Unable to gain comfort on certain matters
- Humm confirms no mutually acceptable transaction
- Discussions regarding potential acquisition ceased
Full summary
Credit Corp Limited (ASX:CCP) has concluded discussions regarding its non-binding indicative proposal to acquire 100% of Humm Group Limited (ASX:HUM). After a period of commercial due diligence, Credit Corp identified several matters it could not resolve. Consequently, Credit Corp informed Humm on June 19 that its bid was materially reduced. Humm confirmed that a mutually acceptable transaction could not be agreed upon. Credit Corp has now ceased all discussions with Humm regarding a potential acquisition.
Guidance
No forward-looking financial metrics provided.
Outlook
Credit Corp has ceased discussions with Humm regarding a potential acquisition.
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