Silk Logistics Holdings Limited (ASX:SLH) has announced the postponement of its Scheme Meeting, initially scheduled for June 20, 2025, concerning the proposed acquisition of all its shares by DP World Australia Limited. The delay is primarily due to the ongoing review by the Australian Competition and Consumer Commission (ACCC), with their decision anticipated on July 10, 2025. This date falls after both the original Scheme Meeting and the Scheme Implementation Deed (SID) End Date of June 30, 2025.
While the SID does not automatically terminate on the End Date, uncertainty surrounding the ACCC’s decision and the subsequent FIRB (Foreign Investment Review Board) approval have prompted Silk Logistics to seek a postponement. Silk anticipates that FIRB will consult with the ACCC before granting approval, aligning with standard practice to assess the competitive impacts of the Scheme. Given this timeline, FIRB approval is not expected before the original meeting date.
Silk Logistics intends to approach the Supreme Court of New South Wales to obtain orders for postponing the Scheme Meeting.
