Humm Group (ASX:HUM) founder and former chairman Andrew Abercrombie has lodged an application for a review of the Takeovers Panel’s recent declaration of "unacceptable circumstances."
The move follows a scathing assessment by the corporate watchdog regarding the buy now, pay later provider's handling of a $385 million takeover bid from Credit Corp (ASX:CCP) in December.
The Takeovers Panel previously determined that Humm’s public communications were "misleading and contrary to an efficient, competitive and informed market."
At the heart of the dispute is the panel's finding that while Humm publicly claimed to be "carefully evaluating" the Credit Corp proposal, Abercrombie—then serving as chair and a major shareholder—had reportedly instructed financial advisers to reject the offer as early as Nov. 27, 2025.
The discrepancy led the panel to conclude that investors were kept in the dark about the board's true intentions.
The watchdog flagged Abercrombie’s acquisition of a 3% stake in the company immediately following the disclosure of the bid as "unacceptable."
Abercrombie, who stepped down from the chairmanship in February, is now seeking to overturn these findings.
As of March 20 morning, a review panel has not yet been appointed, and no formal decision has been reached on whether to conduct further proceedings.
The Takeovers Panel has declined to comment on the merits of the application while the matter remains under consideration.
At the time of reporting, Humm Group's share price was $0.69.