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By Stuart Condie
SYDNEY–Australian buy-now-pay-later provider Humm Group Ltd. said it has been approached with proposals to buy all or part of its business.
ASX-listed Humm said Monday it will look into the proposals in an effort to determine whether it could result in a final offer that would be in the best interests of shareholders.
Humm, which also operates other businesses, including credit cards, said its stock was undervalued at current levels. Unlike bigger rivals Afterpay Ltd. and Zip Co. Humm is profitable. It reported net income of AUD 60.1 million ($43.5 million) for the fiscal year ended June 30.
Prior to Monday’s opening, the stock had lost 34% of its value this year. The stock rose 14% to A$0.84 after Humm reported takeover interest.
Humm also said Andrew Abercrombie, the largest shareholder, has stepped down as chairman. The group appointed Christine Christian as independent chairperson.
It has Australian Flagstaff Partners Pty. Ltd. hired as financial advisor and MinterEllison as legal counsel in assessing the acquisition interest.
Write to Stuart Condie at [email protected]
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Sources 2/ https://www.marketwatch.com/story/buy-now-pay-later-provider-humm-assessing-takeover-proposals-update-271639960279 The mention sources can contact us to remove/changing this article |
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