from Business News Australia 2/01/2024Yowie Group has urged shareholders to take no action following a $7.4 million takeover bid received from Keybridge Capital (ASX: KBC) in the latest salvo by the listed investment group to seize control of the Perth-based confectionary company.
The current offer by Keybridge, pitched at 3.4c per share, is priced at almost half the US$9.37 million ($13.75 million) in net assets recorded by Yowie at the end of FY23, with US$7.4 million ($10.86 million) of that figure comprising cash.
The Melbourne-based Keybridge Capital, headed by corporate raider Nicholas Bolton, already controls 35.66 per cent of Yowie’s shares, giving Bolton a seat on the company’s board.
Keybridge’s latest move on Yowie comes at a steep discount to a $20 million offer it launched in 2019, a bid that was subsequently abandoned after Yowie reported a deteriorating earnings performance at the time
