Overview of Ansarada's recent update on proposed acquisition and sale

Ansarada Group Limited (ASX: $AND) has provided an update on the proposed acquisition by DS Answer Pty Ltd ('Datasite') and the proposed sale of Ansarada's ESG, GRC and Board products. The Australian Competition and Consumer Commission ('ACCC') has suspended the timeline for its consideration of the proposed acquisition pending the receipt of further information from Ansarada and Datasite. Both companies remain of the view that the Scheme will not result in a substantial lessening of competition in any relevant market in Australia if it is implemented. Ansarada expects the outcome of the ACCC's findings by early August 2024, with FIRB approval expected to follow shortly afterward. The company also intends to postpone the General Meeting and approach the New South Wales Supreme Court for orders in connection with any adjournment of the Scheme Meeting and the Second Court Date, with the General Meeting and the Scheme Meeting expected to be held in mid to late August 2024 and implementation of the Scheme to take place by early September 2024.

Executive commentary on the proposed acquisition and sale

The ACCC's assessment and review process is ongoing and is not something Ansarada can influence, other than to provide information in a timely manner. We are working with Datasite to agree on an updated indicative timetable for the Scheme and the Carve-Out Transaction. Datasite has confirmed its commitment to the transaction despite the delay to the timetable, and we continue to work together to progress the ACCC process and all other regulatory approvals required for implementation of the Scheme and the Carve-Out Transaction. We will keep the market informed of any material developments.

Summary of Ansarada's update and outlook

Ansarada (ASX: $AND) has provided an update on the proposed acquisition by Datasite and the proposed sale of certain products. The ACCC has suspended the timeline for its consideration of the proposed acquisition pending the receipt of further information. The company expects the outcome of the ACCC's findings by early August 2024, with FIRB approval expected to follow shortly afterward. Ansarada intends to postpone the General Meeting and approach the New South Wales Supreme Court for orders in connection with any adjournment of the Scheme Meeting and the Second Court Date. The General Meeting and the Scheme Meeting are expected to be held in mid to late August 2024, with implementation of the Scheme to take place by early September 2024. Datasite has confirmed its commitment to the transaction despite the delay to the timetable, and both companies continue to work together to progress the ACCC process and all other regulatory approvals required for implementation of the Scheme and the Carve-Out Transaction. Ansarada will keep the market informed of any material developments.