Forward Industries Backtracks On Brera Holdings Takeover Proposal
(RTTNews) - Forward Industries, Inc. (FWDI), a Solana-focused digital asset treasury company, said Tuesday that it will not pursue the acquisition of sports-focused holding company Brera Holdings plc (SLMT), ending its takeover approach after the target rejected its proposal last month.
Forward's decision follows an indicative, non-binding proposal made in June to acquire Brera in an all-stock transaction.
Under the proposal, Brera shareholders would have received 1.54 newly issued Forward shares for each Brera share, valuing Brera at about $7.19 per share and representing a premium of roughly 30.7% to the company's 10-day volume-weighted average share price through June 1.
Forward had previously said that the Brera's board rejected the offer and declined to engage in discussions, stating that it did not believe the offer was in the best interests of the company.
Under the Irish Takeover Rules, Forward had until July 21 to either announce a firm intention to make an offer for Brera or formally confirm that it would not proceed with a bid.
Brera Holdings shares rose more than 4% in after-hours trading after closing at $5.11 on Monday, while Forward Industries shares gained nearly 1% following their previous close of $4.17.
