Join our daily newsletter At The Bell to receive exclusive market insights
- Hansen Technologies (HSN) sees a non-binding acquisition proposal by BGH Capital withdrawn
- BGH Capital submitted an unsolicited proposal in June 2021 to purchase all Hansen shares for $6.50 each
- However, BGH has now withdrawn its proposal and ceased discussions, with the process and exclusivity deed between the two companies terminated, despite no material issues arising
- Hansen Technologies is down 8.59 per cent, trading at $5.64 at 12:15 pm AEST
Hansen Technologies (HSN) has seen a non-binding acquisition proposal withdrawn by BGH Capital.
BGH Capital submitted an unsolicited proposal in June to purchase all Hansen shares for $6.50 each.
However, BGH has now withdrawn its proposal and ceased discussions, with the process and exclusivity deed between the two companies terminated.
Despite having conducted extensive due diligence inquiries, BGH did not flag any issue considered material regarding Hansen’s current operations and strategy to explain the withdrawal.
However, BGH said it continues to see Hansen as a highly effective organisation with an outstanding management team and strong prospects.
Co-operation agreements between BGH Capital and CEO Andrew Hansen – who holds a 17.5 per cent interest in the company – and, separately, Othonna, as trustee for the Hansen Property Trust, have also been terminated.
Despite the takeover offer falling through, Chairman of Hansen, David Trude, says the company continues to go from strength to strength, most recently reporting record results for the group across all key metrics in FY21.
“Significant new business wins, coupled with a continued focus on our aggregation strategy, reinforce our commitment to, and confidence in, our long-term revenue target of $500 million in FY25,” said David Trude.
Hansen Technologies was down 8.59 per cent, trading at $5.64 at 12:15 pm AEST.
