In an ASX update yesterday, Onthehouse said it had “received a revised, non-binding, conditional proposal” to acquire 100 per cent of the company.
The takeover offer prices Onthehouse shares at 85 cents – up from 75.5 cents, which was previously proposed and rejected as part of the indicative proposal received on December 24. Onthehouse shares were priced at 69 cents at the start of trading yesterday.
The members of the takeover consortium are 77VSV and PIQ1, which are controlled by Macquarie Group and which already own about 19.3 per cent of Onthehouse. The consortium has requested an opportunity to undertake confirmatory due diligence.
“The revised proposal is subject to a number of conditions including due diligence, finalisation of scheme of arrangement documentation, the unanimous recommendation of the independent directors and internal, external and regulatory approvals,” Onthehouse said.
“The consideration payable under the revised proposal is expressed to be final, subject to there being no alternative in relation to shares in Onthehouse.”
Onthehouse said its independent board committee is evaluating the revised proposal and will update the company’s shareholders and the market following that consideration.
“The board notes that there is no certainty that the revised proposal will result in a binding offer or scheme, or that there will be a recommendation by the independent board committee to accept the offer,” it said.
“Onthehouse cautions its shareholders not to make any decisions about Onthehouse shares on the assumption a transaction will proceed.”
Following Onthehouse’s rejection of the initial takeover offer in January, chairman Tony Scotton said the company would remain open “to any offer that would maximise shareholder value”.
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