Mad Paws Holdings Limited (ASX:MPA), operator of Australia’s leading online pet ecosystem connecting pet owners with high-quality services, has received Foreign Investment Review Board (FIRB) approval regarding the proposed scheme of arrangement with Rover Group, Inc. The company was advised that the Treasurer of the Commonwealth of Australia has no objections to Rover’s acquisition of 100% of Mad Paws’ shares, as initially announced on 22 July 2025. This satisfies a key condition outlined in the scheme implementation deed between Mad Paws and Rover.
The FIRB approval fulfills clause 3.1(a) of the scheme implementation deed. However, the scheme remains subject to other conditions, detailed fully in clause 3.1 of the original deed. Mad Paws shareholders do not need to take any immediate action.
The Mad Paws Board continues to unanimously recommend that shareholders vote in favour of the Scheme, assuming no superior proposal emerges and the Independent Expert continues to conclude that the Scheme is in the best interest of shareholders. Collectively, Mad Paws Board Members hold or control 27,516,513 Mad Paws Shares, which represents approximately 6.69% of the company’s issued shares. Subject to the same qualifications, each Mad Paws Board Member intends to vote all of their director-held shares in favour of the Scheme.
The Board of Mad Paws has authorised the release of this announcement and will keep the market informed of any further material developments, in accordance with its continuous disclosure obligations.
