Forward Industries will not pursue its acquisition of Brera Holdings after the target rejected its all-stock proposal last month. The indicative, non-binding offer made in June would have given Brera shareholders 1.54 newly issued Forward shares for each Brera share, valuing Brera at about $7.19 per share, a roughly 30.7% premium to its 10-day volume-weighted average price through June 1. Brera’s board declined to engage, saying the offer was not in the company’s best interests. Under Irish Takeover Rules, Forward had until July 21 to announce a firm intention or formally walk away. Brera shares rose more than 4% in after-hours trading after closing at $5.11 on Monday, while Forward shares gained nearly 1% following their previous close of $4.17.
Forward Industries, Inc.Forward Industries abandons its all-stock takeover bid for Brera Holdings after rejection, a failed M&A attempt.
Brera Holdings PLCBrera Holdings rejected the takeover offer, and its shares rose over 4% after hours, indicating market approval of the board's decision.