Key takeover bid details for Quickstep Holdings

Quickstep Holdings (ASX:QHL) has received a takeover bid from ASDAM Operations Pty Limited. The offer includes purchasing shares at a cash price of A$0.40 each. This proposal is contingent on 90% acceptance by shareholders and other conditions. An alternative scheme offers A$0.43 per share.

Overview of ASDAM's takeover bid

ASDAM Operations has made an offer to acquire Quickstep Holdings at a cash price of A$0.40 per share through an off-market takeover bid. This proposal is conditional on achieving a minimum 90% acceptance by Quickstep shareholders, no prescribed occurrences during the bid period, and Quickstep's Board waiving the Standstill clause in their Confidentiality Deed with ASDAM. Additionally, ASDAM has proposed an alternative scheme of arrangement at A$0.43 per share. The offers represent significant premiums over recent trading prices, providing Quickstep shareholders with a cash deal that removes brokerage costs. ASDAM is majority-owned by CPE Capital-managed funds and plans to work closely with Quickstep's Board to reach a beneficial agreement. A Bidder's Statement will be lodged with ASIC and Quickstep, adhering to regulatory requirements.

Executive comments on takeover bid

The offer provides significant premiums above recent trading prices and is fully in cash, offering certainty and eliminating brokerage costs for shareholders.