Eureka Group (EGH AU): Aspen's Sweetened Offer
On the 2 March 2023, Aspen Group (APZ AU) made an all-scrip NBIO for Eureka Group (EGH AU), a senior accommodation rental play. The implied A$0.399/share Offer was subsequently rejected.
Aspen held 13.7% of shares out at the time, having acquired the stake in December 2022. Aspen has returned with all-scrip off-market Offer with an improved implied price of A$0.431/share.
The Offer is contingent of Aspen getting to 50.1% of shares out. Eureka said it hasn't received a formal approach. I think they'll ask for more gruel.
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