Acta Investment Group Pty Ltd Launches Off-Market Takeover Offer for Helix Resources Limited (ASX:HLX)
Takeover Offer Details
Acta Investment Group Pty Ltd has initiated an off-market proportional takeover offer for Helix Resources Limited (ASX:HLX). The offer seeks to acquire 25% of the shares not already held by Acta or its associates in Helix. This was confirmed through a supplementary bidder’s statement lodged on December 23, 2024.
Bidder’s Statement Submission
The first supplementary bidder’s statement, along with a notice outlining conditions of the offer, was submitted to the Australian Securities and Investments Commission (ASIC) and made available to Helix shareholders. This documentation supplements the original bidder’s statement dated October 15, 2024.
Shareholder Participation Encouraged
As of the date of the announcement, Acta holds approximately 17.019% of Helix’s issued shares. Acta encourages Helix shareholders to accept the offer and is looking forward to prompt acceptances by the deadline of January 15, 2025. Michael Povey, Director of Acta, expressed optimism about the ongoing cooperation with Helix’s board.
Conditions of the Offer
The transaction remains subject to certain conditions detailed within the agreements. These include non-adverse regulatory actions and requisite approvals from public authorities. Notably, Acta has lifted several defeating conditions related to the offer as stated in the supplementary documents.
Future Actions
Following the completion of a recent placement, Helix is expected to appoint Michael Povey as its Executive Chairman, while Michael Rosenstreich will resign from his position. Acta aims to foster a collaborative relationship with Helix to foster shareholder value and growth.
Acta Investment Group announces a proportional takeover offer for Helix Resources Limited, aiming for 25% of shares.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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