Eureka Group Holdings recommendation to shareholders

Eureka Group Holdings Limited (ASX: $EGH) has recommended that shareholders reject Aspen Group Limited's revised off-market takeover offer. Aspen's increased offer of 0.28 Aspen securities per Eureka share has been deemed inadequate by the Eureka Board of Directors, who unanimously advise shareholders to ignore all documents sent by Aspen.

Eureka Group Holdings Directors' recommendation

The Eureka Board of Directors unanimously recommends that shareholders reject Aspen's Revised Offer, as they believe the implied value of the offer is inadequate. The Directors have noted that the offer remains below the Independent Expert's fair value of Eureka shares and is also lower than the last closing price at which Eureka shares traded on the ASX. Additionally, Filetron Pty Ltd, holding 19.68% of Eureka shares, has stated its position remains unchanged and will not accept the Revised Offer. The Eureka Directors who hold or control Eureka shares have also confirmed that they will not accept the Revised Offer for the shares they own or control.

Eureka Group Holdings rejection of Aspen's Revised Offer

Eureka Group Holdings Limited (ASX: $EGH) has recommended that shareholders reject Aspen Group Limited's Revised Offer, citing its inadequacy compared to the fair value of Eureka shares and the last closing price at which Eureka shares traded on the ASX. The Board of Directors remains committed to acting in the best interests of Eureka shareholders. With Filetron Pty Ltd and the Eureka Directors refusing to accept the Revised Offer, Aspen will not be able to achieve the 90% threshold needed to compulsorily acquire all Eureka shares, and scrip-for-scrip roll-over relief will not be available to Eureka shareholders who accept the offer. The Eureka Board emphasizes its commitment to continue acting in the best interests of Eureka shareholders.