APM Human Services (APM AU) Rejects CVC's NBIO

Feb 19, 2024

∙ Paid

Employment and disability services play APM Human Services (APM AU) has rejected PE-outfit CVC Asia Pacific's proposal, which valued APM at less than half of its November 2021 IPO price.
APM confirmed it had received - on Friday, 16 February - a conditional and non-binding A$1.60/share indicative proposal. That's a 93% premium to undisturbed. Yet, APM's IPO Price was A$3.55/share.
CVC - and other suitors - need to persuade executive chair and founder Megan Wynne and US private equity group Madison Dearborn, who collectively control ~65% of the company.

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