Why did Credit Corp cancel its takeover proposal for Humm Group?

Credit Corp (ASX:CCP) cancelled its proposal to acquire 100 per cent of Humm Group (ASX:HUM) because it raised multiple issues during commercial due diligence that could not be resolved.

What was the final structure and value of the proposed acquisition?

Credit Corp (ASX:CCP) originally submitted a non-binding indicative proposal to acquire 100% of Humm Group (ASX:HUM). However, a mutually acceptable transaction value could not be agreed upon after Credit Corp materially reduced its offer following due diligence.

Why did the Takeovers Panel block the board changes at Humm Group?

The Takeovers Panel blocked Humm Group Limited (ASX:HUM) from replacing its independent board committee chair because the company failed to justify the leadership change. The regulator raised governance concerns regarding the proposed replacement, director Rajeev Dhawan, citing his undisclosed financial relationships and a 15-year board history with Andrew Abercrombie.

What governance rules did Humm Group Limited breach before the regulatory decision?

Humm Group Limited (ASX:HUM) breached governance protocols by publicising its plan to replace independent board committee chair Teresa Dyson before obtaining regulatory consent. The Takeovers Panel noted this violated an existing undertaking designed to manage insider participation and conflict-of-interest concerns.

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Credit Corp ends 100% Humm takeover

Written by Liezl GambePublished Jun 21, 2026, 10:44 PM

Credit Corp has ceased discussions regarding its proposal to acquire 100% of Humm Group.
The withdrawal follows a material reduction in the bid price after commercial due diligence investigations.
The Takeovers Panel separately blocked Humm from changing its independent board committee leadership over governance concerns.

Credit Corp (ASX:CCP) cancelled its proposal to acquire 100% of Humm Group (ASX:HUM).

This decision followed commercial due diligence, where Credit Corp raised multiple issues that could not be resolved.

The Takeovers Panel separately blocked Humm from replacing its independent board committee chair, Teresa Dyson.

The regulator stated that Humm failed to justify replacing Dyson with director Rajeev Dhawan.

Following the announcement, the Humm share price was unchanged at $0.50.

The panel raised governance concerns regarding Dhawan's undisclosed financial relationships and his 15-year history with Andrew Abercrombie.

Humm had previously announced its intention to replace Dyson before obtaining the required consent from the regulator.

Credit Corp ends 100% Humm takeover

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