07/11/2019 - 14:28

Konekt supports increased APM offer

07/11/2019 - 14:28

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West Perth-based APM has been forced to lift the value of its takeover offer for Konekt by 30 per cent after a competing bidder lodged a proposal for the ASX-listed health solutions provider.

Konekt supports increased APM offer
Human services company APM has increased its cash offer from 49 cents to 64 cents per Konekt share.

West Perth-based APM has been forced to lift the value of its takeover offer for Konekt by 30 per cent after a competing bidder lodged a proposal for the ASX-listed health solutions provider.

Konekt said today it had received a non-binding proposal from a third-party bidder, but did not disclose the name of the company.

Konekt confirmed it had subsequently received an amended cash offer from APM, also known as Advanced Personnel Management, increasing from 49 cents to 64 cents per Konekt share.

Konekt directors, who hold 23 per cent of the company’s shares on issue, said they had considered the revised offer and recommend shareholders vote in favour of the scheme, in absence of a superior proposal.

“The independent expert continues to consider the scheme to be fair and reasonable and in the best interests of Konekt shareholders,” Konekt said.

The reimbursement fee payable by Konekt to APM had increased from $528,000 to $1 million.

Konekt shares were up 25.74 per cent to trade at 64 cents per share, as at 4:10 AEDT.

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