Apiam Animal Health Ltd (ASX:AHX) says Adamantem Capital Management Pty Ltd has completed due diligence in all material respects on its non-binding indicative proposal to acquire all Apiam shares via a scheme of arrangement, and is willing to proceed on the terms proposed.
Under the process deed, the exclusivity period has been extended for ten business days to end on October 21, 2025, to allow negotiation and execution of binding transaction documentation.
In line with the proposal, the indicative cash price per Apiam share would be adjusted to A$0.87 following payment of the financial year 2025 (FY25) final dividend of A$0.01 per share. The offer price would also be reduced by the amount of any subsequent dividends or returns of capital made prior to implementation.
The proposal remains subject to conditions, including agreement and execution of a binding scheme implementation deed (SID), Apiam shareholder and Court approvals, and any required regulatory approvals. There is no certainty the transaction will proceed or that a binding SID will be entered into. Apiam shareholders are not required to take any action at this time. The Independent Board Committee (IBC) will provide further updates consistent with continuous disclosure obligations.
Luminis Partners is acting as financial adviser and Herbert Smith Freehills Kramer as legal adviser to Apiam.