Humm Group’s independent board committee has determined that engaging with The Abercrombie Group’s (TAG) non-binding proposal to acquire its buy now, pay later (BNPL) platform is in the best interests of all shareholders. As a result, Humm is providing TAG with access to certain non-public information to facilitate due diligence.
The committee has requested that TAG complete its critical due diligence and submit a refined proposal by mid-September. Humm Group is a diversified financial services business, providing services such as consumer finance and commercial finance. Its buy now, pay later platform allows customers to make purchases and pay for them in instalments.
The Abercrombie Group is the family office of Humm’s chair and founding director, Andrew Abercrombie. To manage potential conflicts of interest, Humm has implemented specific measures. The proposal from TAG is to acquire Humm’s BNPL platform at a price of 58¢ per share.
The decision to consider the proposal and provide access to non-public information reflects the board’s commitment to exploring opportunities that maximise shareholder value. The independent board committee will carefully evaluate the refined proposal from TAG upon its submission in mid-September, ensuring a fair and transparent process.
