Godfreys’ shares have been placed in a trading halt, pending an announcement from the Australian vacuum retailer.
Unless the Australian Securities Exchange (ASX) decides otherwise, the shares will remain in trading halt until the commencement of normal trading on Wednesday 9 May or when Godfreys’ releases its announcement to the market.
Last month Godfreys appointed an Independent Board Committee (IBC) to assess and respond to the takeover offer lodged by the company’s 99-year old cofounder, John Johnston.
Johnston, a director of Arcade Finance (the largest holder of Godfreys shares) submitted a conditional all-cash off-market takeover bid on 9 April. He offered 32 cents a share that values the business at about $13 million.
The IBC appointed KPMG Corporate Finance as financial adviser and Clayton Utz as legal adviser to assist Godfreys and the IBC in assessing and responding to the offer.
The IBC also appointed BDO as independent expert to provide an opinion as to whether the offer is fair and reasonable.