Confectionery group Yowie will not proceed with the despatch of offers in relation to making an off-market takeover bid for Keybridge Capital.
The proposal included the condition that there would be no change to Yowie’s board composition, which had been breached.
Yowie’s company secretary and executive chairman John Patton and MD Nicholas Bolton had resigned as directors from the board last month.
The decision comes after Yowie shareholders held an extraordinary general meeting where the company decided the proposal was no longer in its best interest.
As a result, the company will no longer be sending out a bidder’s statement to Keybridge Capital.
The company also confirmed the appointment of Jesse Hamilton as its company secretary in a statement to the ASX, effective July 7.
