Key points
- SEQ Hospitality Group withdraws its off-market takeover offer for Eumundi Group
- Eumundi shareholders have approved the scheme of arrangement with SEQ
- Scheme of arrangement is now legally effective
Full summary
SEQ Hospitality Group Pty Ltd has obtained ASIC's consent to withdraw all unaccepted offers under its off-market takeover offer for Eumundi Group Limited (ASX:EBG). The takeover offer was conditional on the scheme of arrangement between Eumundi and its shareholders not being approved. However, on 31 January 2025, Eumundi shareholders approved the scheme of arrangement, and on 4 February 2025, the Federal Court of Australia made orders approving the scheme. Accordingly, the condition to the takeover offer will not be satisfied, and SEQ has decided to withdraw the takeover offer effective as of 5:00 pm (AEST) on 6 February 2025. All offers under the takeover offer that had been accepted are now void, and all unaccepted offers have been withdrawn in accordance with the Corporations Act.